Manhattan, KS Federal Housing Finance Agency Home Price Index (FHFA HPI)

In the Manhattan, KS, Federal Housing Finance Agency (FHFA) house price index (HPI), home equity is the difference between the appraised value of a home and the outstanding balance of all loans secured by the home. Home prices are measured by changes in the HPI. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties.

Manhattan's housing market has been strong in recent years, fueled by population growth and a strong economy. The median sales price of homes in Manhattan increased from $169,000 in 2012 to $192,000 in 2016, an increase of 13.7%. During that same time period, the FHFA HPI for Manhattan increased by 11.4%.

Home equity has also increased during this time period due to both rising home prices and homeowners paying down their mortgage balances. In 2012, the median homeowner had $66,000 in equity (39% of their home's value). By 2016, that figure had risen to $85,000 (44% of their home's value).

The combination of rising home prices and increasing equity has made Manhattan an attractive market for both buyers and sellers. For buyers, there is more opportunity to build equity quickly as values appreciate. And for sellers, they are able to sell their homes for a higher price than they would have just a few years ago while also having more equity to put towards their next purchase.