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Zip Code 66054: Rising Home Values and Fluctuating Ownership Rates in McLouth, 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 66054, located in McLouth, Kansas, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 66054 has shown an overall upward trend, particularly in recent years. In 2013, the homeownership rate was 85%, which decreased to 78% by 2018. However, there was a significant rebound, with the rate reaching 87% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. The average home price in 2013 was $129,697, which steadily increased to $303,858 by 2022, representing a remarkable 134% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates initially declined. However, as interest rates began to rise in 2022 to 1.68%, homeownership rates also increased. This suggests that local factors may have had a more significant influence on homeownership than national interest rates in this particular area.
Renter percentages in zip code 66054 showed an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter percentage peaked at 22% in 2018 and then declined to 13% by 2022. Average rent prices have been relatively stable with some fluctuations. In 2013, the average rent was $853, which increased to $929 in 2021, before slightly decreasing to $872 in 2022. The population of the zip code has also fluctuated, peaking at 3,158 in 2015 and decreasing to 2,629 by 2022, which may have influenced rental market dynamics.
In 2023 and 2024, average home prices in zip code 66054 continued to rise, reaching $317,098 in 2023 and $327,563 in 2024. This represents a 7.8% increase from 2022 to 2024, despite the significant increase in federal interest rates to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 66054 may continue to increase over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could potentially reach around $360,000 to $380,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching $950 to $1,000 per month in the same timeframe.
In summary, zip code 66054 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in the local population and national economic factors, the area has maintained a robust housing market with steadily increasing average home prices. The recent uptick in homeownership rates, coupled with rising property values even in the face of higher interest rates, suggests a desirable and resilient local real estate market.
