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Wausa, Nebraska: Rising Home Values Amidst Declining Ownership
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
Wausa, located in Nebraska, is a small but vibrant community that has experienced notable demographic shifts over the past decade. The town has seen fluctuations in its homeownership rates and housing market, reflecting broader economic trends and local dynamics.
From 2013 to 2022, Wausa experienced a gradual decline in homeownership rates. In 2013, the homeownership rate stood at 83%, but by 2022, it had decreased to 77%. This 6% drop coincided with changes in average home prices, though specific data for earlier years is not available. By 2022, the average home price in Wausa was $146,737, indicating a relatively affordable housing market compared to many urban areas.
The relationship between federal interest rates and homeownership rates in Wausa appears to follow general economic principles. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates remained relatively stable, fluctuating between 76% and 83%. However, the slight decline in homeownership despite low interest rates suggests other local factors may have influenced housing decisions.
Renter percentages in Wausa increased from 17% in 2013 to 23% in 2022, mirroring the decline in homeownership. Average rent prices fluctuated during this period, with notable changes occurring. In 2013, the average rent was $592, rising to $629 in 2015. Interestingly, there was a significant drop to $456 in 2016, followed by a gradual increase to $750 by 2022. This 64% increase in average rent from 2016 to 2022 occurred while the population remained relatively stable, suggesting factors beyond population growth influenced rental prices.
In 2023 and 2024, Wausa saw continued growth in average home prices. The average home price rose to $151,587 in 2023 and further increased to $160,005 in 2024, representing a 9% increase over two years. This price growth coincided with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, predictive models suggest that average home prices in Wausa may continue to rise moderately over the next five years, potentially reaching around $175,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $850 per month by 2029, assuming current economic conditions and local trends persist.
In summary, Wausa has experienced a gradual shift towards more renters over the past decade, with homeownership rates declining from 83% to 77%. Despite this trend, both average home prices and rent prices have shown overall increases, particularly in recent years. The interplay between federal interest rates, local economic conditions, and housing market dynamics will likely continue to shape Wausa's residential landscape in the coming years.
