Loading Content...
Zip Code 67235: Steady Homeownership Amidst Rising Home Values in Wichita, Kansas
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 67235, 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 also seeing substantial increases in both average home prices and average rent prices. The ownership percentage in zip code 67235 has remained remarkably stable, hovering around 96% from 2013 to 2022. This high rate of homeownership has persisted despite fluctuations in average home prices. In 2013, the average home price was $208,885, and it steadily increased to $330,553 by 2022, representing a 58.2% increase over this period. The most significant annual jump occurred between 2020 and 2021, with average home prices rising from $270,998 to $296,180, a 9.3% increase in a single year.
Federal interest rates have played a role in maintaining high homeownership rates in this zip code. From 2013 to 2016, interest rates remained below 0.5%, coinciding with the period of highest homeownership at 97% in 2013. As interest rates began to rise in 2017, reaching 1.83% in 2018, there was a slight dip in homeownership to 96%. However, the area's strong preference for homeownership appears to have buffered against significant changes, even as interest rates fluctuated.
The renter percentage in zip code 67235 has remained consistently low, ranging from 3% to 6% between 2013 and 2022. Despite this small renter population, average rent prices have seen substantial increases. In 2013, the average rent was $1,672, rising to $1,800 by 2022, a 7.7% increase. The most notable jump in average rent occurred between 2016 and 2017, increasing from $1,679 to $1,878, an 11.9% rise. This increase in rent prices occurred despite only minor fluctuations in the renter population, suggesting other factors such as overall market conditions and property values influenced rent prices.
In 2023 and 2024, the housing market in zip code 67235 continued to evolve. The average home price reached $342,945 in 2023 and further increased to $346,062 in 2024, representing a modest 0.9% growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 67235 may continue to rise, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $380,000 to $400,000, assuming current trends persist. Average rent prices are also expected to increase, potentially reaching $1,950 to $2,100 by 2029, reflecting ongoing demand and rising property values in the area.
In summary, zip code 67235 has maintained an exceptionally high rate of homeownership despite significant increases in average home prices. The area has shown resilience to interest rate fluctuations, suggesting a strong local preference for homeownership. While the renter population remains small, average rent prices have also seen notable increases. The continued rise in both home prices and rent, coupled with recent interest rate hikes, may present challenges for affordability in the coming years, potentially influencing the long-standing homeownership trends in this Wichita neighborhood.
