Creston, Nebraska, a small community, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate landscape. The homeownership rate in Creston has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 73%, which steadily increased to reach a peak of 87% in 2018 and 2019. However, there was a slight decline to 79% by 2022. Concurrently, average home prices in the village have consistently risen. In 2013, the average home price was $170,831, and by 2022, it had increased significantly to $335,025, representing a substantial 96% growth over this period.

The relationship between federal interest rates and homeownership rates in Creston shows some interesting patterns. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates increased from 73% to 77%. As interest rates began to rise gradually from 2016 to 2019 (0.40% to 2.16%), homeownership rates continued to climb, reaching 87% in 2019. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in the village.

Renter percentages in Creston have generally decreased as average rent prices fluctuated. In 2013, 27% of residents were renters, with an average rent of $521. By 2022, the renter percentage had dropped to 21%, while the average rent had increased to $1,175. Interestingly, the village experienced a population decline from 1,281 in 2013 to 1,132 in 2022, which may have influenced the rental market dynamics.