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Zip Code 68319: Rising Home Values and High Ownership in Bradshaw, 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 68319, located in Bradshaw, Nebraska, is a rural area with a population that has fluctuated around 400-450 residents over the past decade. This small community has maintained a consistently high rate of homeownership, with a slight trend towards increased owner-occupied housing in recent years. Average home prices have shown a steady increase, while average rent prices have experienced more volatility.
The homeownership rate in zip code 68319 has remained relatively stable, with a slight upward trend. In 2013, the homeownership rate was 82%, which increased to 88% by 2019, before settling at 82% in 2022. This high rate of homeownership is notable for a small rural community. During this period, average home prices have shown a consistent upward trajectory. From 2021 to 2022, the average home price increased from $189,566 to $209,415, representing a significant 10.5% rise in just one year.
The relationship between federal interest rates and homeownership rates in this zip code does not show a clear correlation. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively stable with only minor fluctuations. This suggests that other factors, such as local economic conditions or housing availability, may have a more significant impact on homeownership in this rural area than national interest rates.
The percentage of renters in zip code 68319 has remained low, fluctuating between 12% and 18% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $610, which decreased to $538 in 2015, before rising to $664 in 2018. The most significant increase occurred between 2019 and 2020, with average rent jumping from $586 to $825, a 40.8% increase. By 2022, the average rent had further increased to $908. This substantial rise in rent prices, despite the relatively stable and low renter population, could be attributed to limited rental inventory in this small community.
As of 2024, the average home price in zip code 68319 has reached $214,813, continuing the upward trend observed in previous years. This represents a 2.6% increase from the 2023 average of $211,405. The federal interest rate for 2024 stands at 5.33%, slightly higher than the 2023 rate of 5.02%. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the observed trends, it is anticipated that average home prices in zip code 68319 will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are likely to remain volatile but may stabilize at a higher level, reflecting the recent significant increases. The homeownership rate is expected to remain high, given the area's historical trends and rural character.
In summary, zip code 68319 demonstrates a strong preference for homeownership, with consistently high rates over the past decade. The area has experienced steady growth in average home prices, particularly in recent years. Average rent prices have shown significant volatility and substantial increases, despite a relatively stable renter population. These trends reflect the unique dynamics of this small rural community and its housing market.
