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Milligan, Nebraska: Rising Home Values Amid Population Decline
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
Milligan, located in Nebraska, is a small rural community that has experienced notable fluctuations in its population and housing market over the past decade. The village has seen shifts in homeownership rates and changes in average home and rent prices, reflecting broader economic trends and local dynamics. Homeownership rates in Milligan have shown variability from 2013 to 2022. In 2013, the homeownership rate stood at 81%, reaching a peak of 82% in 2015. However, there was a significant drop to 75% in 2016, which remained stable until 2020. By 2022, the rate had rebounded to 79%. Interestingly, the average home prices have shown a consistent upward trend since 2016. The average home price in 2016 was $81,799, and it steadily increased to $129,778 by 2022, representing a substantial 58.7% increase over six years.
The relationship between federal interest rates and homeownership rates in Milligan shows some correlation. For instance, the period from 2013 to 2015, when interest rates were historically low (0.11% to 0.13%), coincided with the highest homeownership rates in the village (81-82%). As interest rates began to rise from 2016 onwards, there was a noticeable drop in homeownership rates. However, local factors likely also played a significant role in these trends.
Renter percentages in Milligan have fluctuated inversely to homeownership rates, ranging from 18% to 27% between 2013 and 2022. The average rent prices showed an overall increasing trend from 2013 to 2017, rising from $560 to $588. However, there was a subsequent decline, with the average rent dropping to $425 by 2022, a significant 27.7% decrease from its peak. This trend is particularly interesting given the village's population decline from 535 in 2014 to 455 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, Milligan has seen a continued increase in average home prices. The average home price reached $136,712 in 2023 and further rose to $138,770 in 2024, representing a 6.9% increase from 2022 to 2024. This growth occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which are the highest rates since 2007.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Milligan may continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $150,000 by 2029. Average rent prices, which have been declining, might stabilize or see a modest increase as the housing market adjusts to higher home prices and interest rates, potentially reaching around $500 by 2029.
In summary, Milligan has experienced significant changes in its housing market over the past decade. The most important discoveries include the resilience of home prices despite population fluctuations, the inverse relationship between homeownership rates and federal interest rates, and the recent decline in average rent prices. These trends reflect the complex interplay of local and national economic factors shaping the village's housing landscape.
