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Kearny, Arizona: A Decade of Housing Market Dynamics Amidst Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Kearny, a small town in Arizona, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in Kearny from 2010 to 2022, revealing interesting patterns in the local real estate landscape.
The homeownership rate in Kearny has shown significant fluctuations over the years. In 2013, the town had a high homeownership rate of 89%. However, this rate steadily declined to 66% by 2018, indicating a shift towards more renter-occupied housing. Interestingly, this trend reversed in recent years, with homeownership increasing to 87% by 2022. This rebound in homeownership coincided with changes in average home prices. The average home price in Kearny was $93,843 in 2010, dropped to $76,807 in 2012, and then began a gradual increase. By 2022, the average home price had risen to $173,534, representing an 85% increase from 2010 to 2022.
The relationship between federal interest rates and homeownership rates in Kearny shows some correlation. The period of low interest rates from 2010 to 2016 (ranging from 0.1% to 0.4%) coincided with relatively high homeownership rates. As interest rates began to rise from 2017 onwards, there was an initial decline in homeownership. However, despite rising interest rates, Kearny saw a resurgence in homeownership from 2019 to 2022, suggesting that other local factors may have influenced this trend.
Renter percentages in Kearny have inversely mirrored the homeownership trends. The proportion of renters increased from 11% in 2013 to a peak of 34% in 2018, before decreasing to 13% by 2022. Average rent prices have generally trended upward during this period. In 2013, the average rent was $958, which increased to $1,155 by 2021, representing a 20.6% increase over eight years. However, there was a slight decrease to $982 in 2022. The fluctuations in renter percentages and rent prices may be influenced by the town's changing population, which peaked at 2,421 in 2014 and stood at 2,282 in 2022.
Looking at the most recent data, the average home price in Kearny for 2023 was $168,163, showing a slight decrease from 2022. In 2024, the average home price has slightly increased to $168,604. These figures indicate a stabilization in the housing market after the significant increases seen in previous years. The federal interest rate in 2023 was 5.02%, rising to 5.33% in 2024, which may impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Kearny will continue to rise moderately, potentially reaching around $190,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Kearny's housing market has demonstrated resilience and growth over the past decade. The town has seen a recent resurgence in homeownership, significant appreciation in average home values, and a general upward trend in rent prices. These trends, coupled with the town's modest population changes, suggest a dynamic and evolving real estate landscape in this Arizona community.
