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Ogden, Kansas: Rising Home Values and Declining Ownership in a Small Urban Center
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
Ogden, Kansas, is a small urban center with a population of 1,466 as of 2022. This compact city has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. The overall trend shows a decline in homeownership percentage, while average home prices have steadily increased, and average rent prices have fluctuated.
The homeownership rate in Ogden has seen a significant decline from 59% in 2013 to 39% in 2022. During this same period, average home prices rose consistently, starting at $77,444 in 2013 and reaching $134,709 in 2022, representing a 74% increase. This inverse relationship suggests that as home prices increased, fewer residents were able to afford homeownership. For instance, in 2015, when the homeownership rate was 50%, the average home price was $100,229. By 2020, with average home prices at $119,059, the homeownership rate remained at 50%, indicating a plateau before further decline.
Federal interest rates have played a role in homeownership trends in Ogden. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which coincided with a relatively stable homeownership rate of around 50-59%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates started to decline, dropping to 48% in 2017 and further to 39% by 2022, despite a brief dip in interest rates in 2020 and 2021.
The renter population in Ogden has grown from 41% in 2013 to 61% in 2022, mirroring the decline in homeownership. Average rent prices have shown volatility during this period. In 2013, the average rent was $1,053, which decreased to $884 in 2016 when the renter percentage was 50%. By 2019, as the renter percentage reached 44%, the average rent increased to $1,074. The most recent data from 2022 shows an average rent of $1,005 with renters comprising 61% of the population, indicating a slight moderation in rent prices despite increased demand.
In 2023, the average home price in Ogden reached $137,702, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $143,189, while interest rates have slightly risen to 5.33%. This continued upward trend in both home prices and interest rates suggests a challenging environment for potential homebuyers in the current market.
Looking ahead, predictive models forecast a continued increase in average home prices over the next five years, potentially reaching around $160,000 by 2029 if current trends persist. Average rent prices are also expected to rise, albeit at a more moderate pace, possibly approaching $1,200 per month by 2029. These projections are based on historical data trends and assume relatively stable economic conditions.
In summary, Ogden has experienced a significant shift from homeownership to renting over the past decade, driven by rising home prices and fluctuating interest rates. The inverse relationship between homeownership rates and average home prices, coupled with the volatility in rent prices, highlights the changing dynamics of the local housing market. As the city moves forward, the trend of increasing housing costs and a growing renter population is likely to continue, shaping the residential landscape of Ogden in the coming years.
