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Syracuse, Nebraska: Rising Home Values and Strong Ownership in a Small City
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
Syracuse, Nebraska: A Small City with Rising Home Values and Strong Ownership Syracuse, Nebraska is a small city with a population of 2,595 as of 2022. This community has experienced fluctuations in homeownership rates and housing prices over the past decade. The city has generally maintained a high rate of homeownership, with average home prices showing a consistent upward trend.
The homeownership rate in Syracuse has fluctuated between 70% and 78% from 2013 to 2022. In 2013, the homeownership rate was 73%, and it reached its peak at 78% in 2022. During this period, average home prices in Syracuse have shown a steady increase. In 2013, the average home price was $120,448, and by 2022, it had risen to $216,553, representing an impressive 79.8% increase over nine years.
Federal interest rates have played a role in homeownership trends in Syracuse. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with generally high homeownership rates in the city, often above 70%. The low interest rates likely made home financing more accessible, contributing to the sustained high levels of homeownership.
Renter percentages in Syracuse have inversely mirrored homeownership rates, ranging from 22% to 30% between 2013 and 2022. The average rent prices have shown some volatility during this period. In 2013, the average rent was $599, which increased to $687 by 2014. However, rent prices fluctuated in subsequent years, dropping to $611 in 2019 before rising again to $687 in 2022. These fluctuations in rent prices may have influenced some residents' decisions to transition from renting to homeownership.
In 2023, the average home price in Syracuse reached $228,358, marking a 5.5% increase from 2022. This upward trend continued into 2024, with the average home price rising to $237,753, a further 4.1% increase. Notably, federal interest rates also saw significant increases during this period, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Syracuse has continued to show strength.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in Syracuse are likely to continue their upward trajectory over the next five years. If the current rate of appreciation persists, average home prices could potentially reach around $290,000 by 2029. Rent prices may also see a moderate increase, potentially reaching an average of $750-$800 per month in the same timeframe, assuming the current trends continue.
In summary, Syracuse, Nebraska has maintained a strong homeownership rate despite rising home prices. The city has experienced steady growth in property values, with average home prices nearly doubling over the past decade. While rent prices have fluctuated, they have generally remained more stable compared to the rise in home values. The resilience of the local housing market, even in the face of rising interest rates, suggests a robust demand for homeownership in this small Nebraska city.
