Zip Code 68064: Rising Home Values and Ownership Rates in Valley, Nebraska
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 68064, located in Valley, Nebraska, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable increase in homeownership, coupled with substantial growth in average home values and fluctuating rent prices.
The trend of homeownership in zip code 68064 shows a clear upward trajectory. In 2013, the homeownership rate was 70%, which steadily increased to 83% by 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $217,738, and by 2022, it had risen to $418,100, representing a 92% increase over this period. This strong positive correlation between homeownership rates and average home prices suggests that despite rising costs, more residents in this area are choosing to buy homes.
Federal interest rates appear to have played a role in the homeownership trends in this zip code. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 66-68%. However, as interest rates began to rise from 2017 onwards, surprisingly, homeownership rates in this area also increased. This counter-intuitive trend might be explained by other local economic factors or a desire for residents to secure homes before further price increases.
The renter population in zip code 68064 has been decreasing as homeownership rates have climbed. In 2013, 30% of residents were renters, which decreased to 17% by 2022. Interestingly, despite the shrinking renter population, average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $903, which increased to $945 by 2022, peaking at $977 in 2017. This suggests that even as fewer people rent in the area, the demand for rental properties remains relatively strong, possibly due to the growing population, which increased from 2,851 in 2013 to 3,540 in 2022.
Looking at the most recent data, the average home price in zip code 68064 reached $433,700 in 2023 and further increased to $441,607 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 68064 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project that by 2029, average home prices could reach approximately $500,000 to $525,000. For rent prices, we expect a moderate increase, potentially reaching an average of $1,050 to $1,100 per month by 2029.
In summary, zip code 68064 has demonstrated a strong trend towards increased homeownership, with rates rising from 70% to 83% between 2013 and 2022. This has been accompanied by substantial growth in average home prices, nearly doubling over the same period. Despite a decreasing renter population, average rent prices have remained resilient, indicating a competitive rental market. The area has also seen significant population growth, which may continue to drive demand for both owned and rented properties in the coming years.
