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Zip Code 66224: Rising Home Values and Shifting Ownership in Leawood, 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 66224, located in Leawood, Kansas, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing property values and a shifting balance between homeowners and renters.
The homeownership rate in zip code 66224 has fluctuated over the years, showing a general decline from 91% in 2013 to 84% in 2021, before rebounding to 87% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, when homeownership was at its peak, the average home price was $439,585. As homeownership rates decreased, average home prices continued to rise, reaching $689,623 in 2022. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 91%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 84%. This trend aligns with the general understanding that lower interest rates encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 66224 has shown an overall increase from 8% in 2013 to 13% in 2022, with a peak of 17% in 2020. This trend coincides with a substantial increase in average rent prices. In 2013, the average rent was $1,127, which rose to $1,871 by 2022, representing a 66% increase over nine years. The population growth from 10,890 in 2013 to 11,758 in 2022 may have contributed to the increased demand for rental properties, driving up prices.
In 2023 and 2024, the housing market in zip code 66224 continued to show strong growth. The average home price reached $728,733 in 2023 and further increased to $757,833 in 2024, representing a 10% increase over two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Average home prices are projected to exceed $800,000 by 2027, while average rent prices could surpass $2,200 per month. These projections are based on historical trends and do not account for unforeseen economic changes.
In summary, zip code 66224 has experienced a dynamic housing market over the past decade. The area has seen a slight decrease in homeownership rates, counterbalanced by rising home values and increasing rental demand. The interplay between federal interest rates, population growth, and property values has shaped these trends, resulting in a changing landscape for both homeowners and renters in this Leawood neighborhood.
