Loading Content...
Average Home Values and Ownership in Zip Code 68030: Homer's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Homer, located in zip code 68030 in Nebraska, has experienced significant shifts in homeownership rates and property values over the past decade. This small community, with a population of 548 in 2022, has seen notable changes in its real estate landscape, reflecting broader economic trends and local dynamics.
The relationship between homeownership rates and average home prices in Homer shows an interesting pattern. In 2013, the homeownership rate was 77%, with an average home price of $117,630. As average home prices steadily increased, reaching $154,964 in 2019, the homeownership rate fluctuated but generally trended downward, settling at 73% in 2019. However, a remarkable shift occurred in 2022, with homeownership surging to 80% despite average home prices rising to $218,207. This suggests that despite rising costs, local factors may have encouraged home buying in recent years.
Federal interest rates have played a role in shaping homeownership trends in Homer. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. During this time, homeownership rates remained relatively stable, fluctuating between 72% and 78%. The slight increase in homeownership to 76% in 2020 and 2021 coincided with interest rates dropping to near-zero levels (0.38% in 2020 and 0.08% in 2021), potentially making mortgages more attractive.
Renter percentages and average rent prices in Homer have shown their own distinct trends. In 2013, 23% of residents were renters, with an average rent of $624. As the renter percentage increased to 27% in 2016, average rent also rose to $776. Interestingly, despite fluctuations in the renter population, average rent continued to climb, reaching $862 in 2022 when the renter percentage dropped to 20%. This suggests that rental prices in Homer have been driven by factors beyond just local demand, possibly including broader regional economic conditions or housing market pressures.
In 2023 and 2024, Homer has seen continued growth in average home prices. The average home price reached $232,969 in 2023 and further increased to $237,791 in 2024. This represents a significant 9% increase from 2022 to 2024. Notably, federal interest rates have also risen sharply during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Homer are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, though perhaps more moderately, as the balance between homeownership and renting stabilizes in response to economic conditions and local housing supply.
In summary, Homer has demonstrated resilience in its housing market, with a recent surge in homeownership despite rising home prices. The interplay between federal interest rates, local economic factors, and housing demand has shaped a dynamic real estate landscape in this Nebraska community. As the village moves forward, it will be crucial to monitor how these trends evolve, particularly in light of the recent increases in both home prices and interest rates.
