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Rising Home Values and Strong Ownership: Lansing, Kansas - A City Near Fort Leavenworth
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
Lansing, Kansas, a city in Leavenworth County with a population of 12,687 in 2022, has experienced significant changes in its housing market over the past decade. Covering an area of 12.41 square miles, Lansing has seen notable shifts in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Lansing has shown a general upward trend, increasing from 74% in 2015 to 81% in 2022. This rise in homeownership has coincided with substantial growth in average home prices. In 2010, the average home price in Lansing was $163,679, which steadily increased to $283,132 by 2022, representing a remarkable 73% increase over this period.
The relationship between federal interest rates and homeownership rates in Lansing appears to follow established trends. As interest rates remained low from 2010 to 2021, ranging from 0.08% to 2.16%, homeownership rates generally increased. For instance, when interest rates were at 0.08% in 2021, homeownership stood at 77%. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the percentage of renters in Lansing has decreased over time, dropping from 26% in 2015 to 19% in 2022. Despite this decline in the renter population, average rent prices have fluctuated. In 2013, the average rent was $1,539, which peaked at $1,584 in 2015 before declining to $1,339 in 2022. This trend suggests that factors beyond simple supply and demand, such as local economic conditions or housing policies, may be influencing rent prices in Lansing.
In 2023 and 2024, Lansing's housing market continued to evolve. The average home price reached $293,713 in 2023 and further increased to $300,098 in 2024, marking a 6% growth over these two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that Lansing's housing market will likely continue its upward trajectory. Based on historical trends, average home prices could potentially reach around $350,000 by 2029, representing a 17% increase from 2024 levels. Average rent prices, while more volatile, may stabilize around $1,450 to $1,500 per month over the next five years, assuming consistent economic conditions and housing policies.
In summary, Lansing has experienced a notable increase in homeownership rates and average home prices over the past decade, while the renter population has decreased. The city's housing market has shown resilience and growth, with average home prices continuing to rise even in the face of increasing interest rates. These trends suggest a strong local housing market with potential for further appreciation in the coming years.
