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Zip Code 66216: Suburban Charm Drives Rising Home Values and Ownership in Shawnee, 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 66216, located in Shawnee, Kansas, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight upward trend in recent years, while average home prices have shown substantial growth.
The homeownership rate in zip code 66216 has remained relatively stable, with a slight increase from 80% in 2013 to 83% in 2022. During this same period, average home prices have shown significant appreciation. In 2013, the average home price was $197,168, which steadily increased to $353,767 by 2022, representing a remarkable 79.4% increase over nine years. This trend suggests a strong correlation between rising property values and sustained high levels of homeownership in the area.
Federal interest rates have played a role in homeownership trends within this zip code. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates remained stable at 80%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), there was a slight increase in homeownership to 81%. Interestingly, despite the drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership continued to climb, reaching 85% in 2021. This suggests that factors beyond interest rates, such as local economic conditions or housing market dynamics, may have influenced homeownership decisions in this area.
The rental market in zip code 66216 has shown some fluctuations over the years. The percentage of renter-occupied housing units has remained relatively low, ranging from 15% to 18% between 2013 and 2022. Average rent prices have experienced moderate growth, increasing from $1,167 in 2013 to $1,135 in 2022, with some year-to-year variations. Notably, there was a significant spike in average rent to $1,313 in 2021, possibly reflecting short-term market adjustments or changes in the rental property mix.
In 2023 and 2024, the housing market in zip code 66216 continued to show strength. The average home price reached $371,347 in 2023 and further increased to $381,440 in 2024, representing a 5.0% and 2.7% year-over-year growth, respectively. This growth occurred despite the Federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, indicating the resilience of the local housing market in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices in zip code 66216 are expected to maintain a steady upward trajectory, potentially reaching around $450,000 by 2029. Average rent prices are likely to follow a similar pattern, potentially approaching $1,400 per month within the same timeframe.
In summary, zip code 66216 in Shawnee, Kansas, has demonstrated a robust housing market characterized by high homeownership rates and substantial appreciation in property values. The area has shown resilience to fluctuations in interest rates, maintaining strong homeownership levels even as average home prices have risen significantly. The rental market, while smaller, has also seen moderate growth in prices. These trends, combined with recent data showing continued price increases despite higher interest rates, suggest a positive outlook for the local real estate market in the coming years.
