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Kingman, Arizona: Home Values Soar as Ownership Remains Stable Along Route 66
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
Kingman, Arizona, a vibrant city in Mohave County, is renowned for its rich history and Route 66 heritage. Over the past decade, Kingman has experienced notable shifts in its housing market, with fluctuations in homeownership rates, average home prices, and average rent prices. The city has maintained a relatively stable homeownership rate, while seeing significant growth in average home values and moderate changes in average rent prices.
The homeownership rate in Kingman has remained relatively steady, with slight fluctuations over the years. In 2013, the homeownership rate stood at 67%, and by 2022, it was at 66%. During this period, average home prices in Kingman saw substantial growth. In 2013, the average home price was $111,520, which steadily increased to $277,975 by 2022, representing a remarkable 149% increase over nine years. This trend suggests that despite rising home prices, Kingman residents have maintained a strong inclination towards homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in Kingman. From 2013 to 2015, when interest rates were exceptionally low (ranging from 0.11% to 0.13%), the homeownership rate in Kingman decreased slightly from 67% to 63%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate stabilized and even increased slightly, reaching 66% in 2022. This trend suggests that Kingman's housing market has shown resilience in the face of changing interest rates, with residents continuing to pursue homeownership despite fluctuations in financing costs.
Renter percentages in Kingman have shown some variability, ranging from 31% to 35% between 2013 and 2022. Interestingly, average rent prices have not followed a consistent upward trend like home prices. In 2013, the average rent was $944, which increased to $1,000 by 2017, but then decreased to $938 by 2022. This fluctuation in rent prices, coupled with the city's population growth from 30,201 in 2013 to 35,782 in 2022, suggests a complex rental market influenced by factors beyond simple supply and demand dynamics.
In 2023 and 2024, Kingman's housing market has shown interesting developments. The average home price in 2023 was $269,740, indicating a slight decrease from the 2022 peak. However, in 2024, the average home price has slightly increased to $270,293, suggesting a stabilization in the market. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the city.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in Kingman over the next five years, albeit at a more moderate pace than seen in the previous decade. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $313,000 by 2029. Average rent prices are expected to show more stability, with potential increases of 1-2% annually, possibly reaching about $1,000 by 2029.
In summary, Kingman's housing market has demonstrated remarkable resilience and growth over the past decade. The city has maintained a strong homeownership base despite significant increases in average home prices. The rental market has shown more volatility, with fluctuating rent prices and renter percentages. As Kingman continues to grow, these housing market trends will play a crucial role in shaping the city's future development and community dynamics.
