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Rising Home Values and Stable Ownership: Atkinson, Nebraska'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
Atkinson, located in Nebraska, is a small yet vibrant community that has experienced interesting demographic shifts over the past decade. The city has maintained a relatively stable homeownership rate, while average home prices and rent have shown notable fluctuations. This analysis will delve into the trends of ownership versus renting and their relationship to housing and rent prices in Atkinson.
The homeownership rate in Atkinson has remained relatively stable, with a slight downward trend from 2013 to 2022. In 2013, the city had a 75% homeownership rate, which increased to 78% in 2017 before settling at 74% in 2022. During this period, average home prices in Atkinson showed a consistent upward trend. From 2016 to 2022, average home prices rose from $99,589 to $157,595, representing a significant increase of 58.2% over six years.
The relationship between federal interest rates and homeownership rates in Atkinson appears to follow the general trend observed nationwide. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate in Atkinson stayed relatively stable, fluctuating between 74% and 78%. This stability in homeownership during a period of low interest rates suggests that affordable financing options may have helped maintain homeownership levels in the city.
Renter percentages in Atkinson have shown a slight increase from 2013 to 2022, rising from 25% to 26%. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $638, which decreased to $567 in 2019 before rising again to $703 in 2022. This represents a 10.2% increase in average rent from 2013 to 2022. The population of Atkinson has also seen fluctuations, growing from 1,697 in 2013 to 1,790 in 2022, which may have contributed to the changes in rental demand and prices.
In 2023 and 2024, Atkinson's housing market continued to show growth. The average home price in 2023 reached $163,810, a 4% increase from 2022. In 2024, the average home price further increased to $167,365, representing a 2.2% growth 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 city.
Looking ahead, based on the observed trends, we can forecast potential changes in Atkinson's housing market over the next five years. Average home prices are likely to continue their upward trajectory, potentially reaching around $190,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices may also continue to rise, potentially reaching approximately $800 by 2029, assuming the current trend persists.
In summary, Atkinson has maintained a relatively stable homeownership rate despite rising home prices. The rental market has seen a slight increase in the percentage of renters, with fluctuating but generally increasing rent prices. The city's housing market has shown resilience and growth, with average home prices consistently rising over the past decade. As Atkinson moves forward, it will be important to monitor how these housing trends evolve, particularly in light of changing interest rates and population dynamics.
