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Average Home Values and Ownership in Zip Code 68462: Waverly's Decade of Growth
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
Zip code 68462, located in Waverly, Nebraska, has experienced significant growth and changes in its housing market over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, alongside fluctuating average rent prices.
The homeownership rate in zip code 68462 has shown a notable increase from 78% in 2013 to 84% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $172,158, which steadily climbed to $318,788 by 2022, representing an impressive 85% increase over this period. The most significant jumps occurred between 2020 and 2022, with annual increases of over 12% each year.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This favorable borrowing environment likely contributed to the increase in homeownership from 78% to 83% during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable, suggesting a strong local housing market resilient to moderate interest rate increases.
Renter percentages in zip code 68462 have correspondingly decreased from 22% in 2013 to 16% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. From a high of $939 in 2014, average rent dropped to $708 in 2015, then fluctuated before reaching $978 in 2021. The most recent data shows a decrease to $845 in 2022. This volatility in rent prices, coupled with the steady increase in homeownership, suggests that more residents are opting for home purchases over renting when possible.
Looking at the most recent data, the average home price in zip code 68462 continued its upward trajectory, reaching $326,174 in 2023 and further increasing to $333,146 in 2024. This represents a 2.3% and 2.1% year-over-year increase respectively, indicating a slowing but still positive growth in home values. Notably, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 68462 to continue their upward trajectory, albeit at a more moderate pace. Based on historical data and current economic factors, average home prices could potentially reach around $380,000 to $400,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict. However, if the trend of increasing homeownership persists, we might see a stabilization or slight decrease in average rent prices, potentially settling in the range of $800 to $900 per month.
In summary, zip code 68462 has demonstrated a strong trend towards homeownership, with a concurrent significant increase in average home prices. Despite rising interest rates, the area has maintained high homeownership levels, suggesting a robust and desirable local housing market. The volatility in rent prices, combined with the steady increase in home values, indicates a preference for home buying over renting in this community. As we look to the future, while the pace of home price appreciation may slow, the overall trajectory remains positive, reflecting the continued attractiveness of this zip code for homeowners and investors alike.
