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Rising Home Values and High Ownership Rates in Zip Code 68324: A Rural Nebraska Success Story
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 68324, located in Burr, Nebraska, is a small rural community with a population of 261 as of 2022. This area has experienced relatively stable homeownership rates over the past decade, with a slight increase in recent years. The average home prices and average rent prices have shown notable growth, particularly in the last few years.
The homeownership rate in zip code 68324 has remained consistently high, ranging from 80% to 86% between 2013 and 2022. There was a slight upward trend in homeownership, increasing from 83% in 2013 to 86% in 2022. This trend coincided with a significant rise in average home prices. The average home price in 2022 was $227,439, indicating a substantial value for properties in this rural area.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to maintaining the high homeownership rates in the area, as it made mortgage financing more affordable for potential buyers. The slight increase in homeownership from 84% in 2020 to 86% in 2022 occurred despite a rise in interest rates to 1.68% in 2022, suggesting other factors were also influencing homeownership decisions in this community.
Renter percentages in zip code 68324 have remained relatively low, fluctuating between 12% and 20% from 2013 to 2022. Interestingly, average rent prices have shown a significant upward trend during this period. In 2013, the average rent was $629, which increased steadily to $747 by 2019. Then, there was a sharp rise to $980 in 2020, followed by a slight decrease to $957 in 2021, before climbing again to $1,007 in 2022. This represents a total increase of about 60% in average rent prices over the decade, despite the relatively stable and small renter population.
In 2023 and 2024, we see a continuation of the upward trend in average home prices. The average home price in zip code 68324 reached $237,028 in 2023 and further increased to $242,034 in 2024. This represents a growth of about 6.4% from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the observed trends, we can expect average home prices in zip code 68324 to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also likely to continue increasing, following the established trend of the past decade. However, the rate of increase may slow down as the market adjusts to economic conditions and local factors.
In summary, zip code 68324 has maintained high homeownership rates despite rising property values and recent increases in interest rates. The area has experienced significant growth in both average home prices and average rent prices, with particularly notable increases in recent years. These trends suggest a robust and desirable housing market in this rural Nebraska community, with potential for continued growth in property values in the coming years.
