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Superior, Nebraska: Rising Home Values Amidst Ownership Fluctuations
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
Superior, Nebraska, is a small urban center with a population that has fluctuated around 2,000 residents over the past decade. The city has experienced notable shifts in homeownership rates and housing costs, reflecting broader economic trends and local market dynamics.
Homeownership rates in Superior have shown a generally declining trend from 2013 to 2018, followed by a recovery in recent years. In 2013, the homeownership rate stood at 75%, dropping to a low of 67% in 2018. However, by 2022, it rebounded to 75%. This trend correlates interestingly with average home prices, which have seen significant growth, particularly in recent years. From 2016 to 2022, average home prices increased from $52,777 to $81,558, representing a substantial 54.5% increase over six years.
The relationship between federal interest rates and homeownership rates in Superior shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates initially declined. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to recover. This suggests that other local factors may have played a more significant role in homeownership decisions than national interest rates alone.
Renter percentages in Superior have generally mirrored the inverse of homeownership trends. The proportion of renters increased from 25% in 2013 to a peak of 33% in 2018, before declining to 25% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $515, which decreased to $421 in 2019, before rising sharply to $608 in 2022. This represents a 44.4% increase in average rent from 2019 to 2022, despite a relatively stable population, suggesting increased demand for rental properties or improvements in rental stock quality.
In 2023 and 2024, average home prices in Superior showed a slight decline, with values of $81,110 and $80,630 respectively. This slight downturn comes after years of growth and coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling in the local housing market.
Looking ahead, predictive models suggest that average home prices in Superior may continue to experience modest growth over the next five years, albeit at a slower pace than the rapid increases seen from 2016 to 2022. Average rent prices are likely to stabilize or increase moderately, reflecting the balance between homeownership and renting trends in the city.
In summary, Superior has experienced significant fluctuations in homeownership rates and housing costs over the past decade. The recent rebound in homeownership, coupled with substantial increases in both home prices and rents, indicates a dynamic and evolving housing market. The interplay between local economic factors, national interest rates, and housing preferences will continue to shape the city's residential landscape in the coming years.
