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LIVING IN KENNEWICK
Kennewick is a larger medium-sized city located in the state of Washington. With a population of 84,488 people and 18 constituent neighborhoods, Kennewick is the 15th largest community in Washington.
The overall education level of Kennewick is somewhat higher than in the average US city of 21.84%: 26.08% of adults 25 and older in the city have at least a bachelor’s degree.
The per capita income in Kennewick in 2018 was $31,468, which is middle income relative to Washington and the nation. This equates to an annual income of $125,872 for a family of four. However, Kennewick contains both very wealthy and poor people as well.
Kennewick is an extremely ethnically-diverse city. The people who call Kennewick home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Kennewick residents report their race to be White, followed by Asian. Kennewick also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 29.35% of the city’s residents. Important ancestries of people in Kennewick include German, English, Irish, Norwegian, and Italian.
The most common language spoken in Kennewick is English. Other important languages spoken here include Spanish and Slavic languages.
KENNEWICK, WA HOUSING MARKET TRENDS
With a population of 84,488, 30,382 total housing units (homes and apartments), and a median house value of $344,005, Kennewick real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Kennewick, accounting for 60.55% of the city’s housing units. Other types of housing that are prevalent in Kennewick include large apartment complexes or high rise apartments ( 22.26%), duplexes, homes converted to apartments or other small apartment buildings ( 8.89%), and a few mobile homes or trailers ( 5.45%).
The most prevalent building size and type in Kennewick are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.32% owning and 37.68% renting.
There is a lot of housing in Kennewick built from 1970 to 1999 so parts of town may have that “Brady Bunch” look of homes popular in the ’70s and early ’80s, although some of these houses were built up through the early ’90s as well. There is also a lot of housing in Kennewick built between 1940-1969 ( 26.19%). A lesser amount of the housing stock also hails from between 2000 and later ( 24.69%). There’s also some housing in Kennewick built before 1939 ( 2.00%).
KENNEWICK HOME APPRECIATION RATES
In the last 10 years, Kennewick has experienced some of the highest home appreciation rates of any community in the nation. Kennewick real estate appreciated 119.98% over the last ten years, which is an average annual home appreciation rate of 8.20%, putting Kennewick in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Kennewick definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Kennewick appreciation rates have trailed the rest of the nation. In the last twelve months, Kennewick’s appreciation rate has been 4.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout’s data show that house appreciation rates in Kennewick were at -1.84%, which equates to an annual appreciation rate of -7.18%.
Relative to Washington, our data show that Kennewick’s latest annual appreciation rate is higher than 80% of the other cities and towns in Washington.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Kennewick differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Kennewick – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Kennewick real estate investment or home purchase decisions.
Information provided by Neighborhood Scout.
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