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Zip Code 68017: Rising Home Values and High Ownership Rates in Rural Nebraska Village
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
Zillow: Zillow Home Value Index (ZHVI)
Zip code 68017, located in Ceresco, Nebraska, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area has seen a steady increase in both population and average home values, with a notable shift towards higher homeownership rates in recent years. The ownership percentage in zip code 68017 has shown a strong upward trend, rising from 80% in 2013 to 88% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $167,056, which steadily increased to $323,302 by 2022, representing a 93.5% increase over nine years. This trend suggests a growing preference for homeownership in the area, despite rising property values.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership in the area increased from 80% to 85%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, it's worth noting that homeownership continued to rise even as interest rates increased in subsequent years, reaching 88% by 2022 when the federal interest rate was 1.68%.
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The renter percentage in zip code 68017 has correspondingly decreased from 20% in 2013 to 11% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $718 in 2013 to $834 in 2022, with some fluctuations in between. Notably, there was a significant jump in average rent to $920 in 2021, before decreasing slightly in 2022. This trend suggests that while fewer people are renting, those who do are facing higher costs.
Looking at the most recent data, the average home price in zip code 68017 continued to rise in 2023, reaching $338,350. This upward trend persisted into 2024, with the average home price increasing further to $344,102. Interestingly, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 68017 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We expect the average home price to reach approximately $400,000 by 2029. Average rent prices are also projected to increase, potentially reaching around $1,000 per month in the same timeframe.
In summary, zip code 68017 has experienced a significant shift towards homeownership, with the rate increasing from 80% to 88% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, which nearly doubled during the same period. Despite rising federal interest rates in recent years, the local housing market has remained strong, with prices continuing to climb in 2023 and 2024. The rental market, while shrinking in terms of percentage of occupants, has seen an overall increase in average rents. These trends point to a robust and growing housing market in this Nebraska village, with homeownership becoming increasingly prevalent.
