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Zip Code 67223: Rising Home Values and Shifting Ownership Trends in Maize, 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 67223, located in Maize, Kansas, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a strong preference for homeownership, with consistently high owner-occupancy rates and steadily increasing average home prices.
The ownership percentage in zip code 67223 has remained notably high, peaking at 98% in 2017 and 2018. However, there has been a slight decline in recent years, with the rate dropping to 90% in 2022. This trend coincides with a substantial increase in average home prices. From 2010 to 2022, average home prices in the area rose from $241,259 to $413,963, representing a 71.6% increase over 12 years. The most significant jump occurred between 2020 and 2022, with prices surging from $331,523 to $413,963, a 24.9% increase in just two years.
Federal interest rates have played a role in homeownership trends in zip code 67223. The period of low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, likely contributed to the high homeownership rates observed during this time. As interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), we see a corresponding decline in homeownership rates from 98% in 2018 to 90% in 2022.
The renter percentage in zip code 67223 has been relatively low but has shown an increase in recent years, rising from 2% in 2018 to 10% in 2022. This trend aligns with changes in average rent prices. From 2013 to 2022, average rent prices fluctuated, with a peak of $1,610 in 2017 before declining to $1,220 in 2022. The population growth from 1,105 in 2018 to 1,246 in 2022 may have contributed to the increased demand for rental properties, despite the overall preference for homeownership in the area.
In 2023 and 2024, average home prices in zip code 67223 continued to rise, reaching $428,773 in 2023 and $430,171 in 2024. This represents a 3.6% increase from 2022 to 2023, followed by a more modest 0.3% increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership rates and housing affordability in the area.
Looking ahead, based on the historical trends and current market conditions, we can expect average home prices in zip code 67223 to continue their upward trajectory, albeit at a slower pace. Over the next five years, average home prices could potentially reach around $470,000 to $490,000, assuming a moderate annual growth rate of 2-3%. Average rent prices, which have shown more volatility, may stabilize or increase slightly, potentially reaching $1,300 to $1,400 per month by 2029.
In summary, zip code 67223 in Maize, Kansas, has demonstrated a strong preference for homeownership, with consistently high owner-occupancy rates despite rising home prices. The area has experienced significant growth in average home values, particularly in recent years. While renter percentages have increased slightly, they remain relatively low. The interplay between federal interest rates, housing prices, and ownership rates highlights the dynamic nature of the local real estate market, with recent trends suggesting a potential shift towards a more balanced market between owners and renters.
