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Garden City, Kansas: Rising Home Values and Stable Ownership in an Agricultural Hub
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
Garden City, Kansas, is a vibrant community located in the southwestern part of the state. Known for its diverse economy and cultural heritage, the city has experienced interesting shifts in homeownership rates and housing prices over the past decade. The overall trend shows a slight increase in homeownership, with average home prices steadily rising and average rent prices following suit.
From 2013 to 2022, Garden City witnessed a marginal increase in homeownership rates. In 2013, 62% of residents were homeowners, and by 2022, this figure had risen to 63%. During this period, average home prices in the city saw substantial growth. In 2013, the average home price was $131,591, which increased to $220,659 by 2022, representing a remarkable 67.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Garden City shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates remained relatively stable at 60-62%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates also increased slightly to 63%. This suggests that despite rising interest rates, other factors may have contributed to the slight increase in homeownership in Garden City.
Regarding rental trends, the percentage of renters in Garden City decreased slightly from 38% in 2013 to 37% in 2022. Despite this minor decrease, average rent prices increased significantly during this period. In 2013, the average rent was $742 per month, which rose to $898 by 2022, representing a 21% increase. This upward trend in rent prices occurred even as the city's population grew from 32,643 in 2013 to 33,532 in 2022, indicating a robust demand for rental properties.
In 2023 and 2024, Garden City's housing market continued to evolve. The average home price reached $229,397 in 2023 and further increased to $232,013 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Garden City may continue to rise over the next five years, potentially reaching around $270,000 by 2029. Average rent prices could also see a steady increase, potentially approaching $1,100 per month in the same timeframe.
In summary, Garden City has experienced a slight increase in homeownership rates despite rising home prices and interest rates. The rental market has seen a minor decrease in the percentage of renters, but with significant increases in average rent prices. These trends reflect a dynamic housing market in Garden City, with potential for continued growth in both home values and rental costs in the coming years.
