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Rising Home Values and Strong Ownership Rates: Lecompton's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lecompton, a city in Kansas, has experienced significant changes in its housing market over the past decade. This small but growing community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local developments.
The homeownership rate in Lecompton has remained relatively stable, with a slight increase over the years. In 2013, 84% of housing units were owner-occupied, and by 2022, this figure had risen to 87%. During this same period, average home prices in Lecompton saw substantial growth. In 2013, the average home price was $151,815, and by 2022, it had more than doubled to $316,974. This trend suggests that despite rising home prices, Lecompton residents have maintained a strong preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in Lecompton. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained steady at around 84-85%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 87%. This could indicate that local factors, such as job growth or community development, may have offset the potential negative impact of rising interest rates on homeownership.
The rental market in Lecompton has shown interesting trends as well. The percentage of renter-occupied housing units decreased slightly from 16% in 2013 to 13% in 2022. However, average rent prices increased substantially during this period. In 2013, the average rent was $785, and by 2022, it had risen to $1,110, representing a 41% increase. This trend suggests that while fewer people are renting in Lecompton, those who do rent are paying significantly more.
Looking at the most recent data, the average home price in Lecompton continued to rise, reaching $333,696 in 2023 and $343,917 in 2024. This represents a 5.3% increase from 2022 to 2023 and a further 3.1% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in Lecompton have continued to appreciate, albeit at a slower pace than in previous years.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Lecompton will continue to rise, but at a more moderate rate. Assuming current economic conditions and local factors remain relatively stable, we might expect average home prices to reach approximately $400,000 by 2029. For average rent prices, the trend suggests continued increases, potentially reaching around $1,300 to $1,400 per month by 2029.
In summary, Lecompton has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. Despite rising interest rates and increasing home prices, the community has maintained a strong preference for homeownership. The rental market, while smaller, has seen significant price appreciation. These trends reflect Lecompton's growing appeal as a residential area and suggest a positive outlook for its housing market in the coming years.
