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Wilson, Kansas: Rising Home Values and High Ownership Rates in a Small Community
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
Wilson, Kansas, is a small community that has experienced significant changes in its housing market over the past decade. The city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic shifts.
Homeownership rates in Wilson have shown a notable upward trend from 2013 to 2022. In 2013, the homeownership rate was 74%, and it steadily increased to reach 85% by 2022. This substantial rise in homeownership coincided with changes in average home prices. The average home price in Wilson rose from $63,334 in 2016 to $89,120 in 2022, representing a significant increase of about 40.7% over six years.
The relationship between federal interest rates and homeownership rates in Wilson aligns with well-established trends. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates in the city increased. This correlation suggests that the low-interest-rate environment likely made home financing more accessible for residents, contributing to the rising homeownership rates.
Conversely, the percentage of renters in Wilson decreased from 26% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. The average rent increased from $575 in 2013 to $638 in 2022, peaking at $714 in 2021. This trend indicates that even with fewer renters, the rental market remained relatively strong, possibly due to limited rental inventory or increased demand for higher-quality rental properties.
In 2023 and 2024, Wilson's housing market continued to evolve. The average home price reached $90,080 in 2023 and further increased to $93,046 in 2024. These figures represent a continued upward trajectory in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability in the city.
Looking ahead, based on recent trends, we can project that average home prices in Wilson may continue to rise over the next five years, potentially reaching around $100,000 to $105,000 by 2029. Average rent prices could also see modest increases, possibly reaching $675 to $700 per month in the same timeframe. These projections assume relatively stable economic conditions and continued population growth in the area.
In summary, Wilson has experienced a significant increase in homeownership rates, rising average home prices, and fluctuating but generally increasing average rent prices over the past decade. The city's housing market has shown resilience and growth, with recent data indicating continued appreciation in home values. These trends reflect the dynamic nature of the local real estate market and suggest a potentially strong housing sector in the coming years.
