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Zip Code 68461: Rising Home Values and High Ownership Rates in Rural 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 68461, located in Walton, Nebraska, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a strong trend towards homeownership, with a notable increase in average home prices.
The ownership percentage in zip code 68461 has shown a steady upward trend, rising from 93% in 2013 to 97% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $375,111, and by 2022, it had risen to $709,700, representing an impressive 89% increase over nine years. The year 2021 saw a particularly sharp increase in average home prices, jumping from $543,614 in 2020 to $620,502, a 14.1% increase in just one year.
Federal interest rates have played a significant role in homeownership trends in zip code 68461. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to the increase in homeownership, as they made mortgages more affordable. The ownership percentage rose from 93% in 2013 to 94% in 2020, corresponding with these low interest rates. Even as rates began to rise in 2022 to 1.68%, the ownership percentage continued to increase, reaching 97%.
The renter percentage in zip code 68461 has inversely mirrored the homeownership trend, decreasing from 7% in 2013 to 3% in 2022. This decline in renters occurred despite a significant population increase, from 502 in 2013 to 780 in 2022.
In 2023 and 2024, average home prices in zip code 68461 continued to rise, albeit at a slower pace. The average home price reached $722,301 in 2023 and $730,395 in 2024, representing increases of 1.8% and 1.1% respectively. These more modest gains coincide with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may have tempered housing demand.
Looking ahead, based on the historical trends and current market conditions, we can predict that average home prices in zip code 68461 will continue to rise over the next five years, but at a more moderate pace. Assuming an average annual growth rate of 2-3%, we might expect average home prices to reach approximately $800,000 to $850,000 by 2029. However, this growth could be impacted by factors such as economic conditions, local development, and changes in interest rates.
In summary, zip code 68461 has demonstrated a strong trend towards homeownership, with the percentage of owner-occupied homes increasing from 93% to 97% between 2013 and 2022. This shift has been accompanied by a substantial increase in average home prices, nearly doubling over the same period. The area has also seen significant population growth, indicating its increasing attractiveness as a residential location. While the pace of price increases has slowed in recent years, the overall trend suggests continued growth in both homeownership rates and property values in this Nebraska community.
