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Rising Home Values and Declining Ownership in Giltner, Nebraska: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Giltner, 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 a general trend of decreasing homeownership rates, while average home prices have steadily increased. Average rent prices have shown more volatility during this period.
The homeownership rate in Giltner has declined from 94% in 2013 to 87% in 2022, indicating a shift towards a higher proportion of renters. This change coincides with a significant increase in average home prices, rising from $125,041 in 2013 to $228,272 in 2022, representing an 82.6% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents, leading to an increase in the renter population.
Federal interest rates have played a role in homeownership trends in Giltner. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 93%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 87%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter percentage in Giltner has increased from 6% in 2013 to 13% in 2022. Interestingly, average rent prices have shown fluctuations during this period. In 2013, the average rent was $929, which decreased to $700 in 2015 before rising again to $832 in 2022. These fluctuations in rent prices, coupled with the increasing renter population, suggest a complex interplay between supply and demand in the rental market. The village's population declined from 904 in 2013 to 844 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, Giltner continued to see growth in average home prices, reaching $239,126 in 2023 and $254,295 in 2024. This represents a 11.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Looking ahead, based on the observed trends, it's projected that average home prices in Giltner will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, possibly approaching $900-$950 per month in the same timeframe.
In summary, Giltner has experienced a decrease in homeownership rates coinciding with rising home prices and increasing interest rates. The rental market has grown, with fluctuating rent prices reflecting the changing supply and demand dynamics. The continued rise in home prices and interest rates suggests that these trends may persist, potentially leading to further shifts in the village's housing market composition.
