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Gardner, Kansas: Rising Home Values Amidst Stable Ownership in a Growing City
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, located in Kansas, is a growing suburban community that has experienced significant population growth over the past decade. The city, spanning 11.72 square miles, has seen interesting trends in homeownership rates, average home prices, and average rent prices. This analysis will explore these trends and their relationships.
From 2013 to 2022, Gardner's homeownership rate has remained relatively stable, fluctuating between 69% and 73%. In 2013, the homeownership rate was 73%, and it reached its lowest point of 69% in 2017 before returning to 73% in 2022. During this same period, average home prices in Gardner showed a consistent upward trend. In 2013, the average home price was $164,384, and by 2022, it had increased to $316,045, representing a substantial 92% growth over nine years.
The relationship between federal interest rates and homeownership rates in Gardner shows some correlation. In 2013, when the federal interest rate was 0.11%, the homeownership rate was 73%. As interest rates gradually increased to 1.83% in 2018, the homeownership rate decreased slightly to 69%. However, by 2022, despite a higher interest rate of 1.68%, the homeownership rate had rebounded to 73%, suggesting that other factors may also influence homeownership in the city.
Renter percentages in Gardner have shown slight fluctuations over the years, ranging from 27% to 31%. The lowest renter percentage was 27% in both 2013 and 2022, while the highest was 31% from 2017 to 2019. Average rent prices have generally increased during this period, rising from $1,235 in 2013 to $1,357 in 2022, a 10% increase. This growth in rent prices, while significant, has been less pronounced than the increase in average home prices.
In 2023 and 2024, Gardner has continued to see growth in average home prices. The average home price reached $328,268 in 2023 and further increased to $335,269 in 2024. This represents a 6% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that both average home prices and rent prices in Gardner are likely to continue their upward trajectory over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $390,000 by 2029. Average rent prices are expected to grow at a more moderate pace of 1-2% per year, potentially reaching about $1,450 by 2029.
In summary, Gardner has experienced substantial growth in both population and housing values over the past decade. The homeownership rate has remained relatively stable despite fluctuations in federal interest rates and significant increases in average home prices. Renter percentages have shown minor variations, while average rent prices have grown at a slower pace compared to home prices. The city's housing market appears robust, with continued growth expected in both home values and rent prices in the coming years.
