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Gardner, Colorado: High Homeownership Rates Amid Fluctuating Home Values
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
Gardner, Colorado, is a small community nestled in the southern part of the state. This tight-knit area has experienced significant shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
Homeownership in Gardner has shown a strong upward trend since 2013. The percentage of owner-occupied homes increased dramatically from 82% in 2013 to 97% in 2016, before stabilizing around 95% in recent years. This high rate of homeownership is particularly notable for a small community. Concurrently, average home prices have seen substantial growth. In 2019, the average home price was $193,526, which rose sharply to $332,676 by 2022, representing a 72% increase over just three years.
The relationship between federal interest rates and homeownership rates in Gardner appears to follow expected patterns. As interest rates remained low from 2013 to 2021, hovering between 0.08% and 2.16%, homeownership rates in the community increased and remained high. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable mortgage financing.
Renter percentages in Gardner have correspondingly decreased as homeownership rates rose. The percentage of renter-occupied homes dropped from 11% in 2013 to just 2% in 2016, before slightly increasing to 6% by 2022. Interestingly, the average rent price has remained constant at $1,124 since 2013, despite these fluctuations in renter percentages and the overall population changes. This stability in rent prices, coupled with the dramatic increase in home values, may have contributed to the shift towards homeownership in the community.
Looking at the most recent data, the average home price in Gardner was $318,762 in 2023 and $310,639 in 2024, showing a slight decrease from the peak in 2022. This trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling in the local housing market.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Gardner may experience moderate growth or stabilization, assuming interest rates remain elevated. The consistent average rent price over the past decade suggests this trend may continue, barring significant changes in local economic conditions or housing supply.
In summary, Gardner has seen a remarkable increase in homeownership rates and average home prices over the past decade, likely influenced by low interest rates and stable rent prices. The recent uptick in interest rates and slight decline in home prices may signal a new phase in the local housing market, potentially leading to more balanced growth in the coming years.
