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Zip Code 66510: Rising Home Values and Steady 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 66510, located in Melvern, Kansas, presents an interesting case study of housing trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 66510 has shown notable variability from 2013 to 2022. In 2013, the ownership rate stood at 82%, reaching its peak of 83% in 2022. During this period, average home prices exhibited a consistent upward trend. In 2012, the average home price was $71,085, which steadily increased to $170,975 by 2022, representing a substantial 140% growth over a decade.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates fluctuated between 78% and 82%. Interestingly, when interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates initially dipped to 76% in 2017 but then rebounded to 80% by 2018. This suggests that while lower interest rates generally encourage homeownership, other local factors also play a significant role in this zip code.
Renter percentages and average rent prices in zip code 66510 have also shown notable trends. The percentage of renters fluctuated between 17% and 25% from 2013 to 2022. Average rent prices have generally increased over this period, rising from $705 in 2013 to $787 in 2022, a 12% increase. However, this trend wasn't linear, with some years seeing decreases in average rent. For instance, average rent dropped from $689 in 2014 to $625 in 2017, before climbing again to $831 in 2021.
In 2023 and 2024, the housing market in zip code 66510 continued its upward trajectory. The average home price reached $175,330 in 2023 and further increased to $182,693 in 2024, representing a 4.2% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices for zip code 66510 over the next five years. Average home prices could potentially reach around $220,000 by 2029, assuming a conservative annual growth rate of 4%. Average rent prices might increase to approximately $950 per month in the same period, considering historical growth patterns and inflation expectations.
In summary, zip code 66510 has demonstrated resilience in its housing market, with steadily increasing home values despite fluctuations in homeownership rates. The area has seen significant appreciation in average home prices, outpacing growth in average rent prices. While interest rates have played a role in shaping these trends, local market conditions appear to have a strong influence on housing dynamics in this zip code. As the community continues to evolve, it will be crucial to monitor how these trends impact affordability and housing accessibility for both homeowners and renters in the coming years.
