The E. H. Hoag House was built in 1885 as the home of E. H. & Ellen Hoag. The home was designed in the Queen Anne style by Varney Brothers Architects of Detroit, Michigan. Edward H. Hoag was born in Michigan on March 1, 1841. He married Ellen in 1862. Together they would have two sons, Charles and Edward. They moved to Kansas in 1871, settling in the Garden Township of Harvey County where they ran a successful farm. Seeking more stability for his family, he moved to Newton in 1877. He quickly established himself in Newton business circles, specifically in real estate, insurance and banking. As Newton was in the midst of a real estate boom in the early 1880s, banking was the place to be. By May 1882, he was president of his own bank, call the Commercial Bank, located at 601 N. Main. He was active in other areas as well, serving as the president of the Newton Buggy Company, vice president of the Newton Water Company and president of the Board of Education. The boom would turn to bust late in 1890. The headline and subheadings in the Newton Kansan, dated Nov. 27, 1890, described the failure of several local banks. "The Newton Panic. Eight Banks Close Doors. The Newton National Bank heads the procession, wrecks the Kansas Savings Bank, and pulls down five banks in other towns. Hoag's Commercial Bank quits. The Newton Street Railway defunct. The Electric Light Company in the Soup. $949,882.80 of Newton money involved." Hoag suffered tremendous losses during the Newton Panic, but he and his wife managed to hang on to the home until 1896.
He would spend the last of his days in a home across the street at 314 W. Broadway. He died on September 2, 1918. Following the Hoag's departure of the home, other prominent citizens took residence. H. M. Walt, a local retailer, owned the home in 1900. He added the turreted porch and an addition to the west side of the home. The home's footprint would change again when it came under the ownership of J. T. Axtell, who, to maximize his investment, removed Walt's western addition, moved it to an empty lot south of the house, adding on to it for the home that stands there today.