Commercial PropertyHot Market: Topeka, KS Weathering Housing Storm
The strength of home prices in Topeka, Kansas are reflective of what’s been happening around the state in the last 12 months -- weathering an economic storm while other states have not been as lucky.
The Kansas Legislative Research Department produced a rather positive report, delivered to the governor last quarter, forecasting strong economic growth over the next two years, with employment sectors expanding job opportunities across the state. Topeka, as the state capital, has benefitted from the expansion, enjoying a shrinking unemployment rate since 2005.
Looking at the directory of businesses in the area is like looking at your local department store. Companies such as Target, Frito Lay, Del Monte and Coca Cola, all have operations in the city that touts itself as the town that has everything you need to succeed. The local Chamber’s motto is, "Today. Tomorrow. Topeka."
Job growth always has an effect on housing, and Topeka is no different. The average price of a single family home in the city registered at 11 percent higher than the same period a year earlier at $112,000. Since the 2000 Census, home values have grown 62 percent (from a median price of $68,800, according to census data).
Income growth should continue through 2008 at a rate of about 5 percent per year through 2009.