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Zip Code 66219: Rising Home Values and Shifting Ownership Patterns in Lenexa, 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 66219, located in Lenexa, Kansas, has experienced significant demographic and housing market changes over the past decade. This area has seen a steady increase in population, growing from 10,222 in 2010 to 14,270 in 2022, reflecting a vibrant and expanding community. The ownership and rental percentages have fluctuated, while average home prices and average rent have generally trended upward.
The homeownership rate in zip code 66219 has shown a slight downward trend over the years. In 2013, the homeownership rate was 45%, which increased to 49% in 2016. However, by 2022, it had decreased to 42%. This decline in homeownership coincides with a substantial increase in average home prices. The average home price in 2013 was $230,388, which rose to $403,000 by 2022, representing a 75% increase over nine years. This significant appreciation in home values may have contributed to the declining homeownership rates, as higher prices could make purchasing a home less affordable for some residents.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in the zip code increased from 45% to 49%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area declined, possibly due to the increased cost of borrowing.
The rental market in zip code 66219 has shown an inverse relationship to homeownership trends. The percentage of renters increased from 52% in 2013 to 58% in 2022. This rise in renter-occupied housing units coincided with an increase in average rent prices. In 2013, the average rent was $1,259, which increased to $1,326 by 2022, a 5.3% increase. The growing population, which rose from 11,787 in 2013 to 14,270 in 2022, likely contributed to the increased demand for rental properties, supporting both the higher rental percentages and rising rent prices.
Looking at the most recent data, the average home price in zip code 66219 reached $426,728 in 2023 and further increased to $435,067 in 2024. This represents a 7.9% increase from 2022 to 2024, indicating continued strong growth in the housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 66219 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $500,000 to $525,000, assuming a moderate annual growth rate of 3-4%. For average rent prices, we project an increase to around $1,500 to $1,600 per month by 2029, based on historical trends and anticipated population growth in the area.
In summary, zip code 66219 has experienced a shift towards a higher percentage of renters, coupled with significant increases in both average home prices and average rent. The inverse relationship between homeownership rates and home prices suggests that rising property values may be pricing some potential buyers out of the market. Meanwhile, the rental market has expanded to accommodate the growing population. As interest rates continue to rise, we may see further impacts on homeownership rates and housing affordability in this dynamic Kansas community.
