Loading Content...
Keningston Gardens: A Texas Neighborhood with Soaring Home Values and Near-Perfect Homeownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Keningston Gardens, a neighborhood in Garland, Texas, has undergone a remarkable transformation in recent years, characterized by rising home values and a shift to full homeownership. This analysis examines the trends in property values, ownership rates, and the impact of federal interest rates on this vibrant community.
Keningston Gardens has experienced significant changes in its homeownership landscape. In 2014, the neighborhood boasted a 98% owner-occupancy rate, which slightly decreased to 95% by 2018. However, from 2021 onwards, the community achieved a notable 100% homeownership rate. This trend towards complete homeownership coincided with a substantial increase in average home prices. In 2016, the average home price was $336,720, which steadily rose to $518,416 by 2022, representing a 54% increase over six years.
The relationship between federal interest rates and homeownership rates in Keningston Gardens appears to follow the general trend of lower interest rates encouraging homeownership. As interest rates remained relatively low from 2016 to 2020 (ranging from 0.4% to 2.16%), the neighborhood maintained high homeownership rates above 95%. The community achieved 100% homeownership in 2021 when interest rates were at a historic low of 0.08%, further supporting this correlation.
Regarding rental trends, the data shows a very small renter population in Keningston Gardens. From 2014 to 2020, the percentage of renters fluctuated between 2% and 5%, with the highest renter occupancy of 5% observed in 2016. By 2021, the renter population had decreased to 0%, aligning with the 100% homeownership rate.
In 2023 and 2024, Keningston Gardens continued to see growth in average home prices. The average home price reached $529,086 in 2023 and further increased to $531,348 in 2024. This represents a 2.5% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the neighborhood, potentially driven by its desirable location or other local factors.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Keningston Gardens: Average home prices are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. We might expect prices to reach around $575,000 to $600,000 by 2029. The 100% homeownership rate is likely to persist, given the strong trend towards owner-occupancy in recent years. If any rental market re-emerges, average rent prices would likely be high, reflecting the high property values in the area.
In summary, Keningston Gardens has transformed into a fully owner-occupied neighborhood with steadily increasing property values. The community has shown resilience in maintaining high home prices even in the face of rising interest rates. The trend towards complete homeownership, coupled with rising property values, suggests a highly desirable and stable residential area that is likely to continue attracting homeowners in the coming years.
