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Zip Code 66048: Rising Home Values and Stable Ownership in Leavenworth, Kansas
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
Zip code 66048, located in Leavenworth, Kansas, has experienced notable shifts in homeownership rates and property values over the past decade. This area, known for its historic Fort Leavenworth and picturesque Missouri River views, has seen a general trend of increasing average home prices alongside fluctuating homeownership rates.
The homeownership rate in zip code 66048 has remained relatively stable, with minor fluctuations between 61% and 63% from 2013 to 2022. Despite this stability, average home prices have shown a consistent upward trend. In 2013, the average home price was $117,594, which steadily increased to $216,548 by 2022, representing an impressive 84% growth over nine years. This substantial rise in home values did not significantly impact homeownership rates, suggesting other factors may be influencing residents' ability or desire to own homes in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 66048. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates remained relatively stable at around 62%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 61% in 2019. Interestingly, when interest rates dropped again in 2020 and 2021 to near-zero levels, homeownership didn't increase substantially, remaining at 61%.
The rental market in zip code 66048 has shown interesting trends in relation to homeownership and average rent prices. The percentage of renters fluctuated between 37% and 39% from 2013 to 2022. Average rent prices have shown some volatility, peaking at $1,214 in 2014 before declining to $1,129 in 2022. This represents a 7% decrease in average rent over eight years, despite the area's population remaining relatively stable, ranging from 38,820 in 2013 to 38,848 in 2022. The inverse relationship between rising home values and declining rent prices is noteworthy and may indicate a shift in the local rental market dynamics.
In 2023 and 2024, the housing market in zip code 66048 continued its upward trajectory. The average home price reached $230,214 in 2023 and further increased to $238,447 in 2024, representing a 10% growth over two years. This rise occurred despite a significant increase in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand or limited supply in the area.
Looking ahead, based on the historical data and current trends, we can forecast potential scenarios for the next five years. Average home prices in zip code 66048 are projected to continue their upward trend, potentially reaching around $275,000 to $300,000 by 2029. This forecast assumes a continuation of the robust growth seen in recent years, albeit at a possibly slower rate due to higher interest rates. Average rent prices, which have been declining, may stabilize or potentially increase slightly, reaching approximately $1,200 to $1,250 per month by 2029, as rising home prices could push more residents towards renting.
In summary, zip code 66048 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in interest rates and stable homeownership rates. The area has maintained a balanced ratio of owners to renters, even as average rent prices have decreased in contrast to rising home values. The continued growth in home prices, even in the face of rising interest rates, suggests a strong local housing market with potential for further appreciation in the coming years.
