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Rising Home Values and Strong Ownership in Kenesaw: A Decade of Housing Market Changes
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
Kenesaw, Nebraska, is a small community that has experienced notable changes in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics. The homeownership rate in Kenesaw has shown fluctuations over the years, with a general trend towards stability. In 2013, the homeownership rate was 87%, which decreased to 79% by 2017. However, it rebounded to 85% in 2022, indicating a strong preference for homeownership in the community. Concurrently, average home prices have steadily increased from $88,057 in 2010 to $195,645 in 2022, representing a significant 122% increase over this period.
The relationship between federal interest rates and homeownership rates in Kenesaw appears to follow established trends. As interest rates remained low from 2010 to 2016, ranging from 0.1% to 0.4%, the homeownership rate remained relatively high, above 80%. The slight dip in homeownership to 79% in 2017 coincided with a rise in interest rates to 1%. However, despite further increases in interest rates, the homeownership rate rebounded, suggesting other local factors may have influenced this trend.
Renter percentages in Kenesaw have inversely mirrored homeownership rates, ranging from 13% in 2013 to a peak of 21% in 2017, before settling at 15% in 2022. Average rent prices have shown volatility, decreasing from $732 in 2013 to $538 in 2016, then rising to $820 in 2022. This represents an overall increase of 12% from 2013 to 2022. The fluctuations in rent prices and renter percentages may be influenced by the changing population, which grew from 1,065 in 2010 to 1,136 in 2022, potentially affecting housing demand.
In 2023 and 2024, Kenesaw experienced continued growth in average home prices, reaching $203,418 in 2023 before slightly decreasing to $199,831 in 2024. This represents a 4% increase from 2022 to 2023, followed by a 1.8% decrease from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slight cooling in home prices.
Looking ahead, predictive models suggest that average home prices in Kenesaw may continue to rise moderately over the next five years, potentially reaching around $220,000 by 2029. This projection is based on the historical growth rate and recent market trends. Average rent prices are also expected to increase, potentially reaching $900-$950 per month by 2029, assuming continued population growth and economic stability in the area.
In summary, Kenesaw has demonstrated a robust housing market with a strong preference for homeownership. Despite fluctuations, the homeownership rate has remained high, while average home prices have shown substantial growth. The rental market, though smaller, has seen increasing prices in recent years. The interplay between federal interest rates, local economic factors, and population changes continues to shape the housing landscape in this Nebraska community.
