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Zip Code 66053: Rising Home Values and Changing Ownership Patterns in Louisburg, 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 66053, located in Louisburg, Kansas, has experienced significant changes in its real estate market over the past decade, reflecting broader economic trends and local factors. The area has maintained a relatively stable homeownership rate while seeing substantial increases in average home prices.
From 2013 to 2022, the homeownership rate in zip code 66053 saw only a slight decrease, moving from 79% to 76%. Despite this minor change, the area has consistently maintained a high proportion of owner-occupied housing units. During the same period, average home prices in the area experienced a remarkable 100% increase, rising from $180,377 in 2013 to $361,129 in 2022. This trend indicates that while homeownership rates remained steady, the cost of purchasing a home in this area significantly increased.
The relationship between federal interest rates and homeownership rates in zip code 66053 appears to follow general economic principles. When interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained high at 78%. However, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 76%, potentially signaling the beginning of a shift in the market.
Renter percentages in zip code 66053 have fluctuated over the years, ranging from 19% in 2019 to 24% in 2022. Average rent prices have also shown variability. In 2013, the average rent was $1,005, which increased to $1,124 in 2015, but then decreased to $964 in 2019. By 2022, the average rent had risen again to $1,074. These fluctuations in rent prices and renter percentages could be attributed to changes in the local economy, housing supply, and population dynamics. The population of the zip code increased from 7,100 in 2019 to 7,581 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023 and 2024, the real estate market in zip code 66053 continued to evolve. The average home price reached $374,597 in 2023 and further increased to $382,019 in 2024, showing a continued upward trend in property values. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the area.
Predictive models suggest that average home prices in zip code 66053 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the overall increase in property values. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, zip code 66053 has experienced significant growth in average home prices over the past decade, while maintaining a relatively stable and high homeownership rate. The rental market has shown more variability, with fluctuations in both renter percentages and average rent prices. The recent sharp increase in interest rates, coupled with rising home prices, may lead to a more balanced market in the coming years, potentially slowing the rate of price appreciation for both owned and rented properties.
