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Average Home Values and Ownership in Zip Code 68937: A Rural Nebraska Housing Market Analysis
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 68937, encompassing Elwood in Nebraska, presents an interesting case study of homeownership and housing market trends in a rural Midwestern setting. This area has experienced fluctuations in homeownership rates and notable increases in average home prices over the past decade, while average rent prices have shown more moderate changes.
The relationship between homeownership rates and average home prices in zip code 68937 reveals some intriguing patterns. In 2013, the homeownership rate stood at 77%, with an average home price of $161,967. As average home prices steadily increased, reaching $257,344 by 2019, the homeownership rate experienced a decline to 68%. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents. However, the trend reversed in recent years, with homeownership rates climbing back to 78% in 2022, despite average home prices continuing to rise to $309,255.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which coincided with relatively stable homeownership rates. As interest rates began to rise, reaching 2.16% by 2019, homeownership rates experienced a slight dip. Interestingly, despite a sharp increase in interest rates to 1.68% in 2022, homeownership rates rebounded to 78%, suggesting other local factors may have influenced this trend.
Renter percentages and average rent prices in zip code 68937 have shown their own distinct patterns. In 2013, the renter-occupied rate was 23%, with an average rent of $638. As the renter percentage increased to a peak of 33% in 2016, average rent also rose to $676. However, this relationship didn't hold consistently throughout the decade. By 2022, the renter-occupied rate had decreased to 22%, while average rent reached $838, its highest point in the available data. This suggests that factors beyond population changes, such as local economic conditions or housing supply, may be influencing rent prices.
Looking at the most recent data, average home prices in zip code 68937 continued their upward trajectory, reaching $336,024 in 2023 and further increasing to $357,545 in 2024. This represents a significant 15.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 68937 to continue their upward trajectory, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially approaching $950 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 68937 has demonstrated resilience in homeownership rates despite rising average home prices and fluctuating interest rates. The area has seen a significant appreciation in property values, with average home prices more than doubling from 2010 to 2024. While renter percentages have fluctuated, average rent prices have shown a general upward trend. The interplay between these factors suggests a dynamic housing market in this rural Nebraska community, with potential for continued growth in both home values and rental rates in the coming years.
