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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stafford, Kansas, a small community, has undergone significant demographic changes over the past decade, particularly in terms of homeownership rates and housing prices. These shifts reflect broader economic changes and local dynamics. From 2013 to 2022, Stafford experienced a substantial decrease in homeownership rates, dropping from 85% to 68%, a 17 percentage point decrease. This change indicates a significant shift in the city's housing market dynamics. Concurrently, average home prices in Stafford showed an overall upward trend. In 2016, the average home price was $48,702, rising to $63,661 by 2022, representing a 30.7% increase over six years.
The relationship between federal interest rates and homeownership rates in Stafford appears to follow general economic principles. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates paradoxically decreased. This suggests that other local factors, such as economic conditions or demographic changes, may have had a stronger influence on homeownership than interest rates during this period.
The renter population in Stafford has grown significantly, from 15% in 2013 to 32% in 2022, a 17 percentage point increase. This trend coincides with fluctuations in average rent prices. In 2013, the average rent was $472, which increased to $633 by 2021, a 34% rise. However, 2022 saw a slight decrease to $565. The growth in the renter population, despite rising rent prices, could indicate changing preferences or economic necessities among residents.
In 2023 and 2024, Stafford's housing market showed signs of cooling. The average home price decreased from $63,661 in 2022 to $60,239 in 2023, and further to $58,497 in 2024, a total decline of 8.1% over two years. This cooling trend coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest that average home prices in Stafford may continue to experience modest declines or stabilization over the next five years, influenced by the current high interest rate environment. Rent prices, however, are projected to remain stable or see slight increases, driven by the growing renter population and limited housing supply.
In summary, Stafford has experienced a significant shift from homeownership to renting over the past decade, accompanied by fluctuations in both home and rent prices. The recent cooling of the housing market, coinciding with rising interest rates, marks a new phase in the city's real estate landscape. These trends highlight the dynamic nature of Stafford's housing market and the complex interplay between local economic factors and broader national trends.