Loading Content...
Rising Home Values and Stable Ownership: Pleasanton, Kansas' Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pleasanton, Kansas, a charming city with a population of 2,023 as of 2022, has experienced notable shifts in its housing market over the past decade. This small community, spanning just 2.08 square miles, has seen fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Pleasanton has remained relatively stable, hovering between 65% and 72% from 2013 to 2022. However, there have been subtle shifts that correlate with changes in average home prices. In 2013, the homeownership rate stood at 69% with an average home price of $54,506. As average home prices steadily increased, reaching $135,542 in 2022, the homeownership rate experienced minor fluctuations, ending at 68% in 2022. This suggests a resilient local housing market where homeownership has remained accessible despite rising prices.
Federal interest rates have played a role in shaping homeownership trends in Pleasanton. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates in Pleasanton remained relatively high, between 66% and 71%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight variations but remained robust, indicating that other local factors may have helped sustain homeownership levels.
Renter percentages and average rent prices in Pleasanton have shown an interesting relationship. In 2013, the renter-occupied rate was 31% with an average rent of $314. As the renter percentage increased to 35% in 2017, average rent also rose to $455. The most dramatic increase in average rent occurred in 2018 and 2019, reaching $617 and $716 respectively, despite a decrease in the renter-occupied rate to 28% in 2018. This suggests that factors beyond simple supply and demand, such as housing quality improvements or broader economic conditions, may have influenced rent prices.
Looking at the most recent data, average home prices in Pleasanton continued to rise, reaching $143,541 in 2023 and $148,698 in 2024. This represents a 5.9% increase from 2022 to 2023 and a further 3.6% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in Pleasanton.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Pleasanton will continue to rise, albeit at a more moderate pace. Based on the historical data and current economic conditions, we project average home prices could reach approximately $175,000 to $185,000 by 2029. For rent prices, the trend suggests a potential stabilization or slower growth rate, with average rents potentially reaching $650 to $700 per month in the next five years.
In summary, Pleasanton's housing market has demonstrated resilience and growth over the past decade. The city has maintained a stable homeownership rate despite rising home prices, suggesting a strong local economy and desirable living conditions. The rental market has seen significant price increases, particularly in recent years, indicating growing demand for rental properties. As Pleasanton continues to grow, with its population increasing from 1,578 in 2010 to 2,023 in 2022, these housing market trends will likely play a crucial role in shaping the city's future development and community dynamics.
