Loading Content...
Zip Code 66516: Rising Home Values and Stable Ownership in Rural Kansas
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 66516, located in Netawaka, Kansas, is a rural area with a relatively stable population of around 300 residents. This zip code has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 66516 has shown some fluctuation but has generally remained high, ranging from 77% to 84% between 2013 and 2022. During this period, average home prices have seen a significant upward trend. In 2016, the average home price was $93,621, which steadily increased to $174,892 by 2022, representing a substantial 86.8% growth over six years. This rise in home values coincided with a slight decrease in homeownership, from 82% in 2016 to 77% in 2022, suggesting that rising prices may have made homeownership less accessible for some residents.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively high at 78% and 80%. However, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 77%, indicating that higher borrowing costs may have impacted some potential buyers.
Renter percentages in zip code 66516 have fluctuated between 15% and 23% from 2013 to 2022. Average rent prices have shown an overall increasing trend, albeit with some volatility. In 2013, the average rent was $515, which increased to $724 by 2022, representing a 40.6% increase over nine years. Notably, there was a significant jump in average rent from $610 in 2020 to $685 in 2021, coinciding with a slight decrease in the renter population from 21% to 19%, possibly indicating that some renters may have been priced out of the market.
Looking at the most recent data, the average home price in zip code 66516 continued to rise, reaching $182,222 in 2023 and $189,668 in 2024. This represents a 4.1% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Based on the historical trends and current market conditions, we can forecast the following 5-year trends for average home and rent prices in zip code 66516: Average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach approximately $220,000 to $240,000 by 2029. Average rent prices are also expected to increase, possibly at a rate of 3-5% annually. This could result in average rents reaching around $840 to $920 per month by 2029.
In summary, zip code 66516 has experienced significant growth in both home values and rent prices over the past decade. While homeownership rates have remained relatively high, there are signs of potential challenges to affordability, particularly with rising home prices and increasing interest rates. The rental market has also seen substantial price increases, which could impact the local population's housing choices in the coming years. These trends suggest a dynamic housing market in this rural Kansas zip code, with both opportunities and challenges for residents and potential investors.
