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Zip Code 67230: High Homeownership and Rising Home Values in Wichita's Growing Suburb
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 67230, located in Wichita, Kansas, has experienced significant changes in its housing market over the past decade. This area has maintained a consistently high rate of homeownership, while average home prices and average rent prices have shown notable fluctuations.
The homeownership rate in zip code 67230 has remained relatively stable, ranging from 89% to 92% between 2013 and 2022. During this period, average home prices have shown a steady upward trend. In 2013, the average home price was $278,141, which increased to $407,469 by 2022, representing a 46.5% increase over nine years. This trend suggests a strong correlation between the high homeownership rate and the rising average home prices in the area.
Federal interest rates have played a role in homeownership trends in zip code 67230. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.4%), the homeownership rate remained consistently high at 91%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), there was a slight decrease in homeownership to 89%. However, when interest rates dropped again in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rebounded to 92% and 90%.
The renter population in zip code 67230 has remained relatively small, fluctuating between 8% and 11% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,661, which decreased to $1,450 by 2019, a 12.7% decline. However, average rent prices then surged to $1,999 in 2021, a 37.9% increase from 2019, before moderating to $1,560 in 2022. These fluctuations in rent prices do not seem to have significantly impacted the overall low percentage of renters in the area.
In 2023, the average home price in zip code 67230 reached $421,900, a 3.5% increase from 2022. This trend continued into 2024, with the average home price rising to $427,597, a further 1.4% increase. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since 2007. Despite these higher interest rates, home prices have continued to appreciate, albeit at a slower pace than in previous years.
Looking ahead, predictive models suggest that average home prices in zip code 67230 may continue to rise over the next five years, but at a more moderate pace due to the higher interest rate environment. Average rent prices are also expected to increase, potentially at a faster rate than home prices, as higher mortgage rates may push more people towards renting. However, given the area's historically high homeownership rate, any shift towards renting is likely to be gradual.
In summary, zip code 67230 has maintained a strong homeownership market despite fluctuations in average home prices and interest rates. The area has seen significant appreciation in home values over the past decade, with recent years showing continued growth even in the face of rising interest rates. While the rental market remains relatively small, it has experienced volatility in average rent prices. These trends suggest a robust and resilient housing market in this Wichita, Kansas zip code.
