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Elkhorn's Rising Home Values and Shifting Ownership Trends: A Decade of Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Elkhorn, Nebraska: A Decade of Housing Market Evolution Elkhorn, a thriving neighborhood in Omaha, Nebraska, has undergone significant changes in its housing market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in Elkhorn from 2010 to 2024. The neighborhood has experienced a gradual decrease in homeownership rates, while average home prices have steadily increased, and average rent prices have shown fluctuations.
Homeownership rates in Elkhorn have displayed a slight downward trend from 2013 to 2022. The homeownership rate stood at 84% in 2013 but gradually declined to 79% by 2022. During this same period, average home prices in Elkhorn saw substantial growth. In 2013, the average home price was $283,378, which rose to $473,312 by 2022, representing a significant 67% increase over nine years.
The relationship between federal interest rates and homeownership rates in Elkhorn demonstrates some correlation. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 81-84%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates experienced a slight decline, dropping to 79% by 2022.
Renter percentages in Elkhorn have shown a gradual increase from 15% in 2013 to 21% in 2022. This trend coincides with fluctuations in average rent prices. In 2013, the average rent was $1,349, which decreased to $1,265 by 2015. However, rent prices began to rise again, reaching $1,389 in 2021 before slightly decreasing to $1,265 in 2022. The increase in renter percentages may be attributed to the growing population, which rose from 30,470 in 2013 to 52,637 in 2022, potentially creating more demand for rental properties.
Examining the most recent data, average home prices in Elkhorn continued to rise in 2023 and 2024. In 2023, the average home price reached $484,794, and in 2024, it further increased to $489,055. This represents a 3.3% increase from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Elkhorn will continue to rise, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $525,000 to $550,000 by 2029. Average rent prices are also expected to increase moderately, potentially reaching $1,450 to $1,500 by 2029, driven by population growth and demand for housing in the area.
In conclusion, Elkhorn has experienced a gradual shift in its housing landscape over the past decade. The slight decrease in homeownership rates, coupled with rising average home prices, suggests a changing market dynamic. The increase in renter percentages and fluctuating rent prices indicate a growing demand for rental properties. As the neighborhood continues to grow and evolve, these trends are likely to shape Elkhorn's housing market in the coming years.
