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Zip Code 66407: Rising Home Values and Ownership Rates in Belvue, 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 66407, located in Belvue, Kansas, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a significant increase in homeownership, coupled with a steady rise in average home prices and average rent rates.
The ownership percentage in zip code 66407 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate stood at 87%, but it experienced a dip to 71% by 2017. However, there was a remarkable recovery, with ownership rates climbing to 93% by 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2011, the average home price was $122,473, which steadily increased to $238,677 by 2022, representing a 95% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, this area saw increased homeownership even as interest rates rose. For instance, from 2016 to 2018, when federal interest rates increased from 0.4% to 1.83%, homeownership actually grew from 74% to 73%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends.
Renter percentages in zip code 66407 have fluctuated inversely to homeownership rates. The percentage of renters peaked at 26% in 2017 before declining to just 6% by 2022. Interestingly, average rent prices have shown an overall upward trend despite the decreasing renter population. In 2013, the average rent was $839, which increased to $1,290 by 2022, representing a 54% increase. This rise in rent prices, coupled with the growing population from 474 in 2013 to 708 in 2022, suggests a potential shortage of rental properties in the area.
Looking at the most recent data, the average home price in zip code 66407 reached $243,383 in 2023 and further increased to $250,594 in 2024. This represents a steady appreciation of property values, with a 3% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 66407 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data, we project that average home prices could reach approximately $280,000 to $300,000 by 2029. For average rent prices, the forecast suggests a potential increase to around $1,500 to $1,600 per month over the next five years, assuming current trends persist.
In summary, zip code 66407 has demonstrated a strong trend towards homeownership, with rates reaching 93% by 2022. This has been accompanied by significant increases in both average home prices and average rent rates. The area has shown resilience in homeownership growth despite fluctuations in federal interest rates. Looking forward, while property values are expected to continue appreciating, the pace may be moderated by higher interest rates. The rental market, though shrinking, has seen consistent price increases, pointing to a potential supply-demand imbalance in rental properties.
