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Average Home Values and Ownership in Zip Code 67209: Wichita's Resilient Suburban Market
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 67209, located in Wichita, Kansas, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 67209 has shown a general decline from 2013 to 2019, followed by a recent uptick. In 2013, 78% of housing units were owner-occupied, which decreased to 72% by 2019. However, by 2022, the rate had rebounded to 78%. Concurrently, average home prices in the area have seen a steady increase. In 2013, the average home price was $132,364, which rose to $221,633 by 2022, representing a significant 67.4% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. From 2013 to 2015, as interest rates remained low (0.11% to 0.13%), homeownership rates declined slightly from 78% to 75%. As interest rates began to rise more significantly from 2016 to 2019 (0.4% to 2.16%), homeownership rates continued to decrease, reaching 72% in 2019. However, the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with an increase in homeownership rates to 73% and then 76%.
Renter percentages in zip code 67209 have generally mirrored the inverse of homeownership rates, increasing from 22% in 2013 to 28% in 2019, before decreasing to 22% in 2022. Average rent prices have shown an overall upward trend, rising from $1,019 in 2013 to $1,054 in 2022, a 3.4% increase. However, this increase has not been consistent, with some fluctuations observed. For instance, average rent peaked at $1,105 in 2018 before declining slightly in subsequent years.
In 2023 and 2024, the housing market in zip code 67209 continued to evolve. The average home price reached $238,246 in 2023 and further increased to $244,133 in 2024, representing a 10.2% growth from 2022 to 2024. This price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, based on the observed trends and current market conditions, we can expect the following 5-year forecasts for zip code 67209:
Average home prices are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. We might see prices reach around $280,000 to $300,000 by 2029.
Average rent prices may also continue to increase, possibly reaching $1,200 to $1,300 per month by 2029, assuming the current trends persist and accounting for potential economic factors.
In summary, zip code 67209 has demonstrated resilience in its housing market, with rebounding homeownership rates and consistently increasing average home values. The area has weathered fluctuations in federal interest rates and maintained a relatively stable rental market. The recent sharp increases in both home prices and interest rates suggest a dynamic market that will require close observation in the coming years.
