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Rising Home Values and Changing Ownership Trends in Zip Code 68144: Omaha's Resilient Housing Market
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
Zip code 68144, located in Omaha, Nebraska, has experienced notable fluctuations in its housing market over the past decade. This area has maintained a relatively stable homeownership rate, while seeing significant changes in average home prices and average rent prices.
The homeownership rate in zip code 68144 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 69%, and it decreased slightly to 65% by 2022. During this same period, average home prices in the area saw a substantial increase. In 2013, the average home price was $147,969, and by 2022, it had risen to $276,567, representing an 87% increase over nine years. This trend suggests that despite rising home prices, the area has maintained a relatively high rate of homeownership.
Federal interest rates have played a role in homeownership trends in zip code 68144. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained steady at around 67-68%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), the homeownership rate held stable at 68%. However, when interest rates dropped significantly in 2020 and 2021 (0.38% and 0.08% respectively), there was no corresponding increase in homeownership, which remained at 68%.
Renter percentages in zip code 68144 have shown slight variations, ranging from 31% in 2013 to 35% in 2022. Average rent prices have steadily increased during this period. In 2013, the average rent was $996, and by 2022, it had risen to $1,144, representing a 14.9% increase over nine years. The population in the zip code has fluctuated, with 23,574 residents in 2013 and 24,864 in 2022, potentially contributing to the demand for rental properties.
In 2023 and 2024, the housing market in zip code 68144 continued to evolve. The average home price in 2023 reached $293,441, a 6.1% increase from 2022. In 2024, the average home price further increased to $301,357, representing a 2.7% rise from the previous year. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 68144 may continue to appreciate, albeit at a slower rate due to higher interest rates. We might see average home prices reach around $330,000 to $350,000 by 2029. Average rent prices could also continue their upward trend, potentially reaching $1,300 to $1,400 per month by 2029, assuming consistent demand and economic stability.
In summary, zip code 68144 has demonstrated resilience in maintaining a stable homeownership rate despite significant increases in average home prices. The area has seen steady growth in both home values and average rent prices, with recent years showing particularly strong appreciation. The interplay between federal interest rates, housing prices, and ownership rates will likely continue to shape the local real estate market in the coming years.
