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Zip Code 66050: Rising Home Values and Ownership in Lecompton, Kansas' Historical Capital
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 66050, located in Lecompton, Kansas, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area, with its rich historical background as a former territorial capital of Kansas, has shown resilience in maintaining a high rate of homeownership while navigating changing economic conditions.
The homeownership rate in zip code 66050 has remained consistently high, ranging from 85% to 89% between 2013 and 2022. This stability in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $158,936, and by 2022, it had risen to $325,502, representing a substantial 104.8% increase over nine years. This trend suggests a strong correlation between rising home values and sustained high levels of homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained low, hovering between 0.09% and 0.4%. During this period, homeownership rates in zip code 66050 remained stable at around 85-86%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership, reaching 89% in 2018. This counter-intuitive trend might be attributed to local factors or residents securing homes before further rate increases.
Renter percentages in zip code 66050 have fluctuated inversely to homeownership rates, ranging from 11% to 15% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $942, peaking at $1,075 in 2015 before decreasing to $939 in 2022. This represents a modest overall decrease of 0.3% in average rent over the nine-year period. The population of the zip code has grown from 2,018 in 2013 to 2,138 in 2022, a 5.9% increase, which may have contributed to the relative stability in rental demand despite the high homeownership rates.
In 2023 and 2024, average home prices in zip code 66050 continued their upward trajectory. The average home price reached $342,423 in 2023 and further increased to $353,179 in 2024. This represents a 5.2% year-over-year increase from 2022 to 2023 and a 3.1% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Looking ahead, predictive models suggest that average home prices in zip code 66050 may continue to rise, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $400,000 to $425,000, assuming a continuation of current trends. Average rent prices, which have shown more stability, may see a slight increase to approximately $1,000 to $1,050 per month over the same period.
In summary, zip code 66050 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in federal interest rates and modest population growth, the area has maintained strong property values. The recent sharp increase in interest rates may pose challenges to future homeownership rates, but the historical resilience of this market suggests it may adapt to these new conditions.
