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Zip Code 66507: Rising Home Values and Strong Ownership in Rural 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 66507, located in Maple Hill, Kansas, presents an intriguing case study of homeownership and housing market dynamics in a small Midwestern community. Over the past decade, this area has maintained consistently high homeownership rates, while experiencing notable fluctuations in average home prices and rent costs.
The ownership percentage in zip code 66507 has remained remarkably stable, hovering around 90% throughout most of the observed period. In 2013, the homeownership rate stood at 88%, and by 2022, it had increased slightly to 92%. This high rate of homeownership coincides with a significant increase in average home prices. In 2016, the average home price was $151,620, and by 2022, it had risen to $242,387, representing a substantial 59.9% increase over six years.
The relationship between federal interest rates and homeownership rates in this zip code appears to be somewhat atypical. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively constant. This suggests that other factors, such as local economic conditions or community preferences, may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 66507 have remained low, fluctuating between 8% and 13% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,042, which increased to $1,124 in 2014 and remained stable until 2016. However, there was a sharp decline to $759 in 2017, followed by a gradual increase to $821 in 2022. This volatility in rent prices, coupled with the area's small population (626 in 2022), suggests that even minor changes in the rental market can have a noticeable impact on average prices.
In 2023, the average home price in zip code 66507 reached $254,958, continuing the upward trend observed in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. As of 2024, the average home price has further increased to $267,262, with interest rates climbing to 5.33%. This persistent growth in home values, even in the face of rising interest rates, indicates strong demand and resilience in the local housing market.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices may stabilize or show modest increases, reflecting the area's predominantly owner-occupied housing stock and limited rental market.
In summary, zip code 66507 demonstrates a robust homeownership market with steadily increasing property values, despite fluctuations in interest rates and rent prices. The area's high homeownership rate has remained resilient, while average home prices have shown consistent growth. The rental market, though small, has experienced volatility, likely due to the limited number of rental properties available. These trends paint a picture of a stable, owner-oriented community with a strong local housing market.
