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Average Home Values Soar in Zip Code 68138: Chalco's Suburban Housing Market Thrives
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 68138, located in Chalco, Nebraska, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a general trend towards increased homeownership, with average home prices rising steadily. The community has also seen fluctuations in average rent prices, reflecting the dynamic nature of the local real estate market.
The homeownership rate in zip code 68138 has shown a notable increase from 2013 to 2022. In 2013, 67% of residents were homeowners, which rose to 73% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $132,517, which steadily climbed to $252,765 by 2022, representing a 90.7% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership in the area increased from 67% to 72%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise more significantly from 2017 onwards, homeownership in the area remained relatively stable, suggesting other local factors may have supported continued high rates of homeownership.
Renter percentages in zip code 68138 have generally decreased as homeownership increased. In 2013, 33% of residents were renters, which decreased to 27% by 2022. Interestingly, average rent prices showed considerable volatility during this period. In 2013, the average rent was $897, which peaked at $1,284 in 2018 before decreasing to $1,021 in 2022. This fluctuation in rent prices occurred despite the area's population remaining relatively stable, increasing from 11,272 in 2013 to 12,302 in 2022.
In 2023 and 2024, average home prices in zip code 68138 continued to rise, reaching $270,883 in 2023 and $280,854 in 2024. This represents an 11.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 68138 over the next five years. If the current trajectory holds, average home prices could potentially reach around $330,000 to $350,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or see moderate increases, potentially reaching $1,200 to $1,300 per month by 2029.
In summary, zip code 68138 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. Despite fluctuations in average rent prices and recent increases in interest rates, the area has maintained a high rate of homeownership. The continued rise in average home prices, even in the face of higher interest rates, suggests a robust local real estate market. As we look to the future, the area is likely to see further appreciation in home values, while rent prices may experience more moderate growth.
