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Kingman, Kansas: Home Values Rise 67.4% in a Decade
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Kingman, a city in Kansas, has experienced notable fluctuations in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in Kingman from 2013 to 2022, providing insights into the city's real estate dynamics.
The homeownership rate in Kingman has shown considerable variability, ranging from a low of 64% in 2022 to a peak of 77% in 2018. This volatility in ownership rates has occurred alongside a general upward trend in average home prices. In 2012, the average home price in Kingman was $70,655, which steadily increased to $118,310 by 2022, representing a substantial 67.4% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in Kingman. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in Kingman increased from 65% in 2013 to 74% in 2016. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, homeownership initially peaked at 77% that year before starting a gradual decline.
Renter percentages in Kingman have inversely mirrored homeownership rates, ranging from a low of 23% in 2018 to a high of 36% in 2022. Average rent prices have shown some volatility but generally trended upward from $857 in 2013 to $912 in 2017, before declining to $767 in 2022. This decline in average rent prices coincided with a period of increasing renter percentages, suggesting a potential oversupply of rental properties or economic factors affecting rental affordability.
In 2023, the average home price in Kingman reached $122,592, with federal interest rates climbing to 5.02%. The trend continued into 2024, with average home prices further increasing to $126,594 and interest rates rising slightly to 5.33%. These figures indicate a continuing upward trajectory in home values despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Kingman are likely to continue their upward trend over the next five years, potentially reaching around $140,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially approaching $850-$900 per month by 2029, assuming economic conditions remain stable and housing demand continues to grow.
In summary, Kingman's housing market has demonstrated resilience and growth, with average home prices showing consistent appreciation despite fluctuations in homeownership rates. The inverse relationship between homeownership and rental rates, coupled with the impact of federal interest rates, highlights the dynamic nature of Kingman's real estate landscape. As the city moves forward, these trends suggest a potentially favorable environment for both homeowners and investors, with continued growth in property values anticipated.
