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Average Home Values and Ownership in Zip Code 67206: A Decade of Growth and Volatility
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 67206, located in Wichita, Kansas, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively high rate of homeownership, with average home prices showing a consistent upward trend. The homeownership rate in zip code 67206 has remained fairly stable, fluctuating between 66% and 71% from 2013 to 2022. Despite minor fluctuations, the overall trend shows a slight decrease in homeownership, dropping from 71% in 2015 to 67% in 2022. Concurrently, average home prices have seen a significant increase. In 2010, the average home price was $209,879, rising steadily to $330,372 by 2022, representing a 57.4% increase over this period.
Federal interest rates have played a role in homeownership trends. From 2010 to 2015, interest rates remained below 0.2%, coinciding with a period of relatively stable homeownership rates in the zip code. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight downward trend in homeownership percentages, dropping from 69% in 2016 to 67% in 2022.
Renter percentages in zip code 67206 have shown a slight increase, moving from 29% in 2015 to 33% in 2022. Average rent prices have fluctuated over the years, with notable changes. In 2013, the average rent was $1,126, dropping to $978 in 2015, before rising again to $1,203 in 2022. This represents a 7% increase in average rent from 2013 to 2022. The population in the zip code has also grown during this period, from 15,725 in 2010 to 17,584 in 2022, potentially contributing to increased demand for rental properties.
In 2023, the average home price in zip code 67206 reached $345,403, with interest rates rising to 5.02%. The trend continued into 2024, with average home prices further increasing to $352,963 and interest rates slightly rising to 5.33%. These figures indicate a continuing upward trajectory in both home prices and interest rates.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 67206 will likely continue to rise over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe.
In summary, zip code 67206 has demonstrated a robust housing market with steadily increasing home values, despite a slight decrease in homeownership rates. The area has maintained a high proportion of owner-occupied homes, even as rental demand has grown. The continuous rise in both home prices and rent suggests a strong and desirable housing market in this Wichita neighborhood.
