Loading Content...
Average Home Values Soar in Zip Code 68360: Garland'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
Zip code 68360, encompassing Garland in Nebraska, presents an interesting case study in rural housing dynamics. This small community has experienced notable fluctuations in homeownership rates and property values over the past decade. Overall, the area has maintained a high rate of owner-occupied housing, with average home prices showing a steady upward trajectory, while average rent prices have exhibited more volatility.
The relationship between homeownership rates and average home prices in 68360 reveals some intriguing patterns. In 2013, the homeownership rate stood at 93%, with average home prices at $205,783. As average home prices climbed to $270,257 by 2018, there was a corresponding decrease in homeownership to 81%. This inverse relationship suggests that rising home values may have made purchasing more challenging for some residents. However, by 2022, homeownership rebounded to 93% despite average home prices reaching $387,580, indicating a complex interplay of factors beyond just pricing.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which coincided with high homeownership rates above 88%. As interest rates began to rise, reaching 1.83% by 2018, homeownership dipped to its lowest point of 81%. Interestingly, despite a sharp increase in interest rates to 1.68% in 2022, homeownership in the zip code surged back to 93%, suggesting that local factors may have outweighed national lending trends.
Renter percentages and average rent prices in 68360 have shown significant volatility. In 2013, only 7% of residents were renters, with average rent at $563. This percentage doubled to 14% by 2016, with average rent soaring to $1,072. The peak for both metrics occurred in 2018, with 19% renters and average rent at $1,107. However, by 2022, the renter percentage had dropped back to 7%, while average rent settled at $950. These fluctuations may be attributed to changes in local employment opportunities or shifts in the area's demographic composition.
Looking at the most recent data, average home prices in zip code 68360 continued their upward trend, reaching $410,669 in 2023 and $414,932 in 2024. This represents a significant increase from previous years, indicating strong demand in the local housing market. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which could impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in 68360 to continue their upward trajectory, potentially reaching around $475,000 by 2029. Average rent prices are expected to stabilize and gradually increase, possibly hitting $1,300 per month in the same timeframe. These projections assume continued economic stability and sustained demand for housing in the area.
In summary, zip code 68360 has demonstrated resilience in maintaining high homeownership rates despite fluctuating market conditions. The area has seen substantial growth in average home values, with recent years showing particularly strong appreciation. Rental markets have been more volatile, but have generally trended towards higher prices. The interplay between federal interest rates, local economic factors, and housing demand will continue to shape the real estate landscape in this Nebraska community in the coming years.
