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Zip Code 68034: Rising Home Values and High Ownership Rates in Kennard, Nebraska
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
Zip code 68034, located in Kennard, Nebraska, presents an interesting case study of homeownership trends and real estate dynamics in a small rural community. This area has consistently maintained high rates of homeownership, with a notable increase in average home prices over the past decade. The ownership percentage in zip code 68034 has remained relatively stable, with slight fluctuations between 86% and 92% from 2013 to 2022. In 2013, the homeownership rate was 89%, which increased to 92% in 2018, before settling back to 89% in 2022. During this same period, average home prices experienced significant growth. In 2013, the average home price was $173,481, which steadily increased to $345,843 by 2022, representing a substantial 99.4% increase over nine years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates remained high, between 86% and 89%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates actually increased slightly, reaching 92% in 2018. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
Renter percentages in zip code 68034 have remained relatively low, fluctuating between 7% and 14% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $852, which peaked at $1,124 in 2015 before declining to $662 in 2022. This represents a 41.1% decrease in average rent from its peak to the most recent data point. The population of the area has also fluctuated, from 920 in 2013 to 918 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in zip code 68034 continued to rise, reaching $369,449 in 2023 and $380,385 in 2024. This represents a 6.8% increase from 2022 to 2023 and a further 3.0% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 68034 will continue to increase, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $425,000 to $450,000 by 2029. For rent prices, given their historical volatility, we expect them to stabilize and potentially increase slightly, reaching an average range of $700 to $750 per month by 2029.
In summary, zip code 68034 has demonstrated a strong preference for homeownership, with rates consistently above 85% despite significant increases in average home prices. The area has experienced substantial appreciation in property values, nearly doubling over the past decade. Rental markets have shown more volatility, with decreasing average rents in recent years despite the overall increase in property values. The coming years may present challenges to the high homeownership rates as rising home prices and interest rates could affect affordability for new buyers in this rural Nebraska community.
