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Rising Home Values and Declining Ownership in Stanton, Nebraska: A Decade of Housing Market Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stanton, Nebraska, a small urban area with a population of approximately 2,400 residents, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and rental market dynamics from 2013 to 2024, as well as projections for the future.
The homeownership rate in Stanton has shown a gradual decline over the years, accompanied by a steady increase in average home prices. In 2013, the homeownership rate stood at 73%, and by 2022, it had decreased to 69%. During this same period, average home prices rose significantly, from $110,611 in 2013 to $216,603 in 2022, representing a 95.8% increase. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Stanton. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 73% to 80%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decline in homeownership rates, falling to 69% by 2022.
The rental market in Stanton has shown interesting trends as well. The percentage of renters increased from 27% in 2013 to 31% in 2022. Concurrently, average rent prices rose from $529 in 2013 to $664 in 2022, a 25.5% increase. This growth in both renter percentage and rent prices suggests a growing demand for rental properties, possibly driven by those priced out of the homeownership market.
In 2023 and 2024, Stanton continued to see growth in average home prices, reaching $221,100 in 2023 and $229,376 in 2024. This represents a further 5.9% increase from 2022 to 2024. Notably, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Stanton will continue to rise over the next five years, potentially reaching around $260,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $750 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Stanton has experienced a gradual shift towards a more rental-oriented housing market, with declining homeownership rates and rising home prices. The interplay between federal interest rates, housing affordability, and rental demand has shaped these trends. As the city moves forward, it will likely continue to see growth in both home values and rental costs, potentially further impacting the balance between owners and renters in the community.
