Loading Content...
Zip Code 68430: Rising Home Values and High Ownership Rates in Lincoln, Nebraska
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 68430, located in Lincoln, Nebraska, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices. The homeownership rate in zip code 68430 has steadily increased from 88% in 2015 to 93% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $335,036 in 2015 to $577,985 in 2022, representing a 72.5% increase over seven years. The correlation between rising homeownership rates and increasing home prices suggests a strong demand for housing in this area, potentially driven by factors such as local economic growth or the area's desirability.
Federal interest rates have influenced homeownership trends in zip code 68430. From 2015 to 2021, relatively low interest rates, ranging from 0.13% to 1.68%, likely contributed to the increase in homeownership rates from 88% to 93% during this time, as lower rates typically make mortgages more affordable and encourage home buying.
The rental market in zip code 68430 has experienced some fluctuations. The percentage of renters decreased from 12% in 2015 to 7% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend, increasing from $1,007 in 2015 to $1,060 in 2022, with some variations in between. The highest average rent was recorded in 2021 at $1,203. These trends suggest that while fewer people are renting, those who do are paying higher prices, possibly due to a limited supply of rental properties in the area.
Recent data shows that the average home price in zip code 68430 continued to rise, reaching $582,965 in 2023 and $589,957 in 2024. This represents a modest increase of 1.2% from 2023 to 2024. Federal interest rates also saw a significant increase, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the area has maintained its high homeownership rate and continued to see growth in home values.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices for zip code 68430, albeit at a potentially slower rate due to the current higher interest rate environment. Average home prices could potentially reach around $650,000 by 2029 if the current trajectory continues. Average rent prices may also continue to increase, potentially reaching $1,300-$1,400 per month in the next five years, driven by the limited rental supply and overall housing market appreciation.
In summary, zip code 68430 has demonstrated a strong trend towards homeownership, with consistently rising average home prices over the past decade. The area has maintained high homeownership rates even in the face of recent interest rate increases, suggesting a robust local housing market. While the rental market has shrunk in terms of occupancy, rent prices have generally trended upward, indicating a potentially tight rental market. These trends point to a desirable and growing area with a strong preference for homeownership among its residents.
