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Imperial, Nebraska: Stable Homeownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Imperial, Nebraska, is a small but growing community in the southwestern part of the state. Over the past decade, the city has experienced fluctuations in homeownership rates and steady increases in average home prices and average rent prices. This analysis will explore the trends in ownership versus renting and their relationship to housing and rent prices. The homeownership rate in Imperial has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 79%, and by 2022, it stood at 78%. During this period, average home prices showed a consistent upward trend. In 2016, the average home price was $132,718, and by 2022, it had risen to $204,451, representing a significant increase of 54% over six years. Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. From 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), homeownership rates increased slightly from 79% to 81%. As interest rates began to rise from 2016 onwards, homeownership rates showed minor fluctuations but remained relatively stable. This suggests that while low interest rates may have encouraged homeownership to some extent, other factors also played a role in Imperial's housing market.
The percentage of renters in Imperial has shown slight variations over the years, ranging from 18% to 24% between 2013 and 2022. Average rent prices have generally increased during this period. In 2013, the average rent was $629, and by 2022, it had risen to $897, representing a 42.6% increase. The city's population grew from 2,061 in 2013 to 2,304 in 2022, which may have contributed to the upward pressure on rent prices due to increased demand for rental properties.
Looking at the most recent data from 2023 and 2024, we see that average home prices in Imperial have continued to rise, albeit at a slower pace. The average home price in 2023 was $207,044, and in 2024 it reached $207,807, showing a modest increase of 0.37%. Interestingly, federal interest rates have also increased significantly during this period, rising from 5.02% in 2023 to 5.33% in 2024. This higher interest rate environment may be contributing to the slower growth in home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Imperial will continue to rise, but at a more moderate pace compared to the rapid increases seen in previous years. The higher interest rate environment is likely to temper demand somewhat, leading to more sustainable price growth. Average rent prices are also expected to continue their upward trajectory, driven by population growth and the overall increase in housing costs.
In summary, Imperial has maintained a relatively stable homeownership rate while experiencing significant increases in both average home prices and average rent prices over the past decade. The relationship between interest rates and homeownership rates has been complex, with other factors likely influencing the local housing market. As the city continues to grow, we expect to see continued, albeit more moderate, increases in both home prices and rent prices in the coming years.
