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Home Values and Ownership in Zip Code 66012: A Decade of Growth in Bonner Springs, Kansas
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 66012, located in Bonner Springs, Kansas, has experienced significant changes in its housing market over the past decade. This area, covering 39.82 square miles, has seen steady population growth and notable shifts in homeownership rates and property values.
The homeownership rate in zip code 66012 has increased gradually from 71% in 2015 to 75% in 2022. This upward trend in homeownership has coincided with a substantial rise in average home prices. In 2015, the average home price was $164,736, which grew to $294,377 by 2022, representing a 78.7% increase over seven years. This correlation suggests that despite rising home values, more residents have been able to transition into homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 2.16%, which likely contributed to the sustained high levels of homeownership. The sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 may have further incentivized home buying, as evidenced by the homeownership rate reaching 73% in those years.
The renter population in zip code 66012 has decreased slightly, from 29% in 2015 to 25% in 2022. Despite this decrease, average rent prices have shown an overall upward trend. The average rent increased from $893 in 2015 to $964 in 2022, a 7.9% rise. This increase in rent prices, coupled with the growing population (from 9,194 in 2015 to 9,810 in 2022), suggests a competitive rental market despite the shift towards homeownership.
In 2023 and 2024, the housing market in zip code 66012 continued its upward trajectory. The average home price reached $307,571 in 2023 and further increased to $321,030 in 2024, showing a 4.4% year-over-year growth. This growth occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong demand and resilience in the local housing market.
Looking ahead, predictive models suggest that the upward trend in both home prices and rent is likely to continue over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $370,000 by 2029. Rent prices are expected to follow a similar trajectory, with annual increases of 2-3%, potentially reaching an average of $1,100 per month by 2029.
In summary, zip code 66012 has demonstrated a strong housing market characterized by increasing homeownership rates and rising property values. The area has shown resilience to interest rate fluctuations, maintaining growth even in periods of higher rates. The rental market, while shrinking in terms of percentage, has seen steady increases in average rent prices. These trends, combined with consistent population growth, paint a picture of a desirable and economically robust area with a promising outlook for both homeowners and property investors.
