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Zip Code 68314: Home Values and Ownership Trends in Rural Nebraska's Bee
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 68314, located in Bee, Nebraska, presents an intriguing case study of homeownership and housing market trends in a rural setting. This small community has experienced notable fluctuations in ownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 68314 has shown a significant upward trend, particularly in recent years. In 2013, the ownership rate stood at 84%, and by 2022, it had increased to 91%. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $133,572, which steadily climbed to $261,331 by 2022, representing a 95.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates held steady at 84%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 91%. This suggests that other local factors may have played a more significant role in driving homeownership in this particular area.
Renter percentages in zip code 68314 have shown an inverse relationship to homeownership rates, decreasing from 15% in 2013 to 8% in 2022. Interestingly, average rent prices have experienced considerable volatility during this period. In 2013, the average rent was $633, which peaked at $1,019 in 2021 before decreasing to $903 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a shift towards homeownership in the community, possibly driven by the relative affordability of homes compared to rising rent costs.
In 2023 and 2024, the housing market in zip code 68314 continued its upward trajectory. The average home price reached $272,207 in 2023 and further increased to $286,258 in 2024. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for zip code 68314: Average home prices are likely to continue rising, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $330,000 to $350,000 by 2029. Average rent prices may stabilize or show moderate increases, potentially reaching $1,100 to $1,200 per month by 2029, assuming the current trends continue.
In summary, zip code 68314 has demonstrated a strong trend towards homeownership, with steadily increasing average home prices and a declining renter population. The community has shown resilience in the face of rising interest rates, maintaining high homeownership levels. However, the recent sharp increases in interest rates may pose challenges to this trend in the coming years. The interplay between home prices, rent costs, and interest rates will likely continue to shape the housing landscape in this rural Nebraska community.
