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Average Home Values and Ownership in Zip Code 67215: Wichita's Evolving Housing 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 67215, located in Wichita, Kansas, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a gradual shift in its residential landscape, with notable trends in both ownership percentages and average home prices. The homeownership rate in zip code 67215 has shown a declining trend from 2013 to 2022. In 2013, the area boasted a high 93% homeownership rate. However, by 2022, this figure had decreased to 83%, indicating a 10 percentage point drop over nine years. Conversely, the average home prices in the area have demonstrated a consistent upward trajectory. In 2013, the average home price was $126,129, which steadily increased to $233,744 by 2022, representing an impressive 85.3% growth over the same period.
The federal interest rates have played a significant role in shaping homeownership trends in zip code 67215. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained stable at around 91%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, a corresponding decline in homeownership rates was observed, dropping from 91% in 2017 to 83% in 2022.
Examining the rental market, we see an inverse relationship to homeownership trends. The percentage of renters increased from 7% in 2013 to 17% in 2022. This shift coincided with fluctuations in average rent prices. In 2013, the average rent was $1,241, which rose to $1,308 by 2020, then jumped significantly to $1,427 in 2021, before settling back to $1,308 in 2022. The population in the zip code also grew from 5,127 in 2013 to 5,860 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 67215 reached $247,215 in 2023 and further increased to $253,753 in 2024. This represents a 5.8% increase from 2022 to 2023 and a 2.6% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 67215 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $300,000, assuming a conservative annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching $1,600-$1,700 per month by 2029, based on historical trends and accounting for inflation.
In summary, zip code 67215 has experienced a notable shift from high homeownership to an increasing rental market over the past decade. This change has occurred alongside substantial growth in average home prices and fluctuations in average rent prices. The interplay between federal interest rates, property values, and demographic changes continues to shape the residential landscape of this Wichita neighborhood, with projections indicating further growth in both home prices and rental rates in the coming years.
