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Zip Code 66030: Rising Home Values and Stable Ownership in Gardner, Kansas
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
Gardner, located in zip code 66030 in Kansas, has experienced significant growth and changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this rapidly evolving community. The homeownership rate in Gardner has shown some fluctuation over the years, with a general trend towards slight decline. In 2013, the homeownership rate stood at 73%, gradually decreasing to 68% by 2020. However, there was a notable increase to 72% in 2022, indicating a recent shift in the housing market dynamics. This trend coincides with substantial growth in average home prices, which have more than doubled from $167,580 in 2010 to $317,186 in 2022.
The relationship between federal interest rates and homeownership rates in Gardner shows some correlation. As interest rates remained low between 2010 and 2015, hovering around 0.1% to 0.18%, the homeownership rate remained relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates, dropping from 70% in 2016 to 68% in 2020. Interestingly, despite the higher interest rates, the homeownership rate rebounded to 72% in 2022, possibly due to other local economic factors.
The rental market in Gardner has also seen significant changes. The percentage of renters increased from 27% in 2013 to a peak of 32% in 2017 and 2020, before decreasing to 28% in 2022. This trend coincides with a steady increase in average rent prices, rising from $1,237 in 2013 to $1,353 in 2022. The population growth from 19,249 in 2010 to 25,228 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in Gardner continued its upward trajectory. The average home price reached $329,123 in 2023 and further increased to $336,048 in 2024. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the area.
Looking ahead, predictive models suggest that the average home prices in Gardner are likely to continue their upward trend over the next five years, potentially reaching around $380,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. These projections are based on the historical growth patterns and assume continued population growth and economic stability in the area.
In summary, Gardner has experienced substantial growth in both population and housing prices over the past decade. The homeownership rate has shown resilience, rebounding in recent years despite rising interest rates. The rental market has also grown, with increasing rent prices reflecting the area's growing population and demand for housing. As the community continues to evolve, it will be crucial to monitor these trends and their impact on the local housing market.
