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Home Values and Ownership Trends in Johnson, Nebraska (Zip Code 68378): A Rural Community's Housing Market Evolution
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
Johnson, located in zip code 68378 in Nebraska, is a small rural community with a population that has fluctuated between 326 and 371 residents over the past decade. This area has experienced significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Johnson has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 78%, which increased to a peak of 88% in 2016. By 2022, it settled at 83%. This trend roughly correlates with the rise in average home prices in the area. Average home prices increased from $124,082 in 2016 to $189,034 in 2022, representing a significant 52.3% increase over six years.
The relationship between federal interest rates and homeownership rates in Johnson shows some interesting patterns. As interest rates remained low from 2013 to 2015 (around 0.1-0.13%), homeownership rates increased from 78% to 84%. When interest rates began to rise more substantially from 2016 onwards, homeownership rates initially peaked at 88% in 2016 but then stabilized around 82-83% in later years. This suggests that while low interest rates initially encouraged homeownership, other factors also played a role in the local housing market.
Renter percentages in Johnson have generally decreased as homeownership rates increased. The renter population dropped from 22% in 2013 to 16% in 2022. Interestingly, average rent prices in the area have shown significant volatility. They peaked at $941 in 2014, dropped dramatically to $289 in 2018, and then rose again to $735 in 2022. This volatility in rent prices doesn't seem to directly correlate with the steady decrease in renter percentages, suggesting that other factors, such as local economic conditions or housing availability, may have influenced renting trends.
In 2023 and 2024, the average home prices in Johnson continued to rise, reaching $206,119 in 2023 and $211,098 in 2024. This represents a 9% increase from 2022 to 2023 and a further 2.4% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can forecast that average home prices in Johnson are likely to continue increasing over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $235,000 to $245,000 by 2029. Average rent prices, given their historical volatility, are more challenging to predict. However, if the trend of decreasing renter percentages continues, we might see a stabilization or moderate increase in average rent prices, potentially reaching $800 to $850 per month by 2029.
In summary, Johnson has experienced a notable increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in renter percentages. The area has shown resilience in its housing market, with continued growth in home values despite fluctuations in the broader economic environment. The coming years may see a moderation in this growth due to higher interest rates, but the overall trend suggests a stable and gradually appreciating housing market in this rural Nebraska community.
