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Zip Code 68523: Rising Home Values and Shifting Ownership Patterns in Yankee Hill, 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 68523, located in Yankee Hill, Nebraska, presents an interesting case study of housing market dynamics in a growing community. This area has seen significant changes in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local developments.
The homeownership rate in zip code 68523 has experienced a notable shift from 2013 to 2022. In 2013, the area boasted an exceptionally high ownership rate of 96%. However, this figure has gradually declined over the years, stabilizing at around 81% in 2022. Despite this decrease, the area still maintains a strong majority of owner-occupied housing units. Concurrently, average home prices have shown a steady upward trajectory. In 2013, the average home price was $264,909, which has since increased to $470,611 in 2022, representing a substantial 77.7% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate paradoxically decreased from 96% to 81%. This trend suggests that factors beyond interest rates, such as local economic conditions or demographic shifts, may have played a more significant role in homeownership decisions in this area.
Renter percentages and average rent prices in zip code 68523 have shown an inverse relationship to homeownership trends. The percentage of renters increased from 4% in 2013 to 19% in 2022. During this period, average rent prices also saw a significant rise. In 2013, the average rent was just $9, which may indicate limited rental options or data inconsistencies. By 2022, the average rent had increased dramatically to $1,255, reflecting a growing rental market in the area. This substantial increase in both renter percentage and average rent prices coincides with the area's population growth from 1,800 in 2013 to 2,273 in 2022, suggesting increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 68523 continued to rise, reaching $485,356 in 2023 and further increasing to $491,149 in 2024. This represents a 3.1% increase from 2022 to 2023 and a 1.2% increase from 2023 to 2024, indicating a slowing but still upward trend in home values. Notably, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 68523 will continue to rise, albeit at a more moderate pace. Given the recent slowdown in price growth and higher interest rates, we project average home prices could reach approximately $530,000 to $550,000 by 2029. For average rent prices, the trend suggests continued increases, potentially reaching $1,500 to $1,700 per month by 2029, assuming steady population growth and demand for rental properties.
In summary, zip code 68523 has experienced a gradual shift from an overwhelmingly owner-occupied area to one with a growing rental market. Despite this shift, homeownership remains high at 81%. The area has seen substantial increases in both average home prices and average rent prices, reflecting its growing population and changing housing dynamics. The coming years may see more moderate growth in housing costs, influenced by higher interest rates and evolving local economic conditions.
