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Zip Code 68341: Rising Home Values and Steady Ownership in De Witt, 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 68341, located in De Witt, Nebraska, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This rural area has seen interesting shifts in its real estate market, reflecting broader economic changes and local dynamics. The homeownership rate in zip code 68341 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate stood at 77%. It peaked at 78% in 2014 before gradually declining to 71% in 2016. Since then, it has shown a slight upward trend, reaching 75% in 2022. Concurrently, average home prices have seen a significant increase. In 2016, the average home price was $93,376. By 2022, it had risen to $164,491, representing a substantial 76% increase over six years.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. As interest rates remained low from 2013 to 2015 (around 0.1%), homeownership rates were at their highest (75-78%). When interest rates began to rise in 2016 (0.4%), there was a noticeable drop in homeownership to 71%. However, despite further increases in interest rates to 1.68% by 2022, homeownership rates rebounded to 75%, suggesting other local factors may have influenced this trend.
Renter percentages in zip code 68341 have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 22% in 2014 to a peak of 28% in 2017 and 2019, before decreasing slightly to 25% in 2022. Average rent prices have generally trended upward during this period. In 2013, the average rent was $521. It rose to $714 in 2021, representing a 37% increase over eight years. However, there was a slight decrease to $657 in 2022.
Looking at the most recent data, the average home price in zip code 68341 reached $181,000 in 2023 and further increased to $193,843 in 2024. This represents a significant jump of 17.8% from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen since 2007.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 68341 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach around $230,000 to $250,000 by 2029. For rent prices, the trend suggests a continued increase, potentially reaching an average of $800 to $850 per month by 2029, assuming consistent economic conditions and local market factors.
In summary, zip code 68341 has demonstrated resilience in its housing market, with steadily increasing home values despite fluctuations in homeownership rates. The area has seen substantial growth in both home prices and rent, outpacing many national averages. The recent spike in interest rates may impact future homeownership trends, but the strong appreciation in home values suggests continued demand in this rural Nebraska market.
