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Zip Code 66221: Rising Home Values and Strong Ownership Trends in Overland Park, Kansas
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 66221, located in Overland Park, Kansas, has experienced significant growth and development over the past decade. This area has shown a strong trend towards homeownership, with average home prices steadily increasing alongside a growing population.
The percentage of owner-occupied homes in zip code 66221 has consistently risen from 80% in 2013 to 85% in 2022. This increase in homeownership coincides with a substantial rise in average home prices, which grew from $429,611 in 2010 to $708,928 in 2022, representing a 65% increase over 12 years. The trend suggests a strong correlation between rising home values and increasing homeownership rates in this area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 66221. From 2010 to 2016, interest rates remained historically low, hovering between 0.1% and 0.4%. During this period, homeownership rates increased from 80% to 82%. As interest rates began to rise from 2017 to 2019, reaching 2.16%, homeownership continued to grow, reaching 83%. This trend indicates that despite rising interest rates, other factors such as local economic growth and desirability of the area continued to drive homeownership.
While homeownership has been on the rise, the percentage of renters in zip code 66221 has decreased from 19% in 2013 to 15% in 2022. Despite this decline, average rent prices have seen a significant increase, rising from $1,152 in 2013 to $2,132 in 2022, an 85% increase over nine years. This trend suggests that although fewer people are renting, those who do are paying premium prices, possibly due to the area's growing desirability and limited rental inventory.
In 2023 and 2024, the housing market in zip code 66221 continued to show strength. The average home price reached $745,923 in 2023 and further increased to $772,402 in 2024, representing a 5.2% and 3.6% year-over-year growth, respectively. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, highlighting the resilience of the local housing market.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 66221 to continue their upward trajectory over the next five years. Assuming a conservative annual growth rate of 4%, average home prices could reach approximately $940,000 by 2029. Similarly, average rent prices are likely to continue rising, potentially reaching around $2,600 per month in five years, assuming a 4% annual increase.
In summary, zip code 66221 has demonstrated a strong housing market characterized by increasing homeownership rates, rising average home prices, and growing average rent prices. Despite fluctuations in federal interest rates, the area has maintained its appeal to homeowners and investors alike. The continued growth in both population and housing values suggests that this zip code remains an attractive location for residents and potential homebuyers.
