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Stuart, Nebraska: Rising Home Values Amid Fluctuating Ownership Rates
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
Stuart, Nebraska, is a small community that has experienced fluctuating population and housing dynamics over the past decade. The city's homeownership rates have shown a general decline, while average home prices and rent have seen an upward trend in recent years.
The homeownership rate in Stuart decreased from 78% in 2013 to 71% in 2021, before rebounding to 77% in 2022. This overall decline in homeownership coincided with a significant increase in average home prices. The average home price rose from $168,980 in 2021 to $179,690 in 2022, representing a 6.3% increase in just one year. This inverse relationship between homeownership rates and home prices suggests that rising costs may have made homeownership less attainable for some residents.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2021, interest rates remained relatively low, ranging from 0.08% to 1.83%. Despite these favorable borrowing conditions, homeownership in Stuart continued to decline, indicating that other local factors may have had a stronger influence on housing decisions.
The rental market in Stuart has shown interesting trends. The percentage of renters increased from 22% in 2013 to a peak of 31% in 2017 and 2018, before decreasing to 23% in 2022. Average rent prices have steadily increased over this period, rising from $601 in 2013 to $753 in 2022, a 25.3% increase. The population fluctuated during this time, peaking at 1,070 in 2012-2013 and falling to 925 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, Stuart saw continued growth in average home prices, reaching $186,681 in 2023 and $191,959 in 2024. This represents a 6.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, based on the observed trends, we can predict that average home prices in Stuart may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $900 per month in the same timeframe. However, these projections assume a continuation of current trends and do not account for potential economic shifts or local policy changes.
In summary, Stuart has experienced a complex interplay between homeownership rates, home prices, and rental market dynamics. The most significant trends include the overall decline in homeownership despite recent recovery, steady increases in both home prices and rent, and the impact of fluctuating population on housing demand. The recent sharp rise in interest rates may further influence these trends in the coming years.
