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Zip Code 68654: Rising Home Values and Stable Ownership 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 68654, located in Polk, Nebraska, has experienced notable changes in its housing market over the past decade. This rural area has seen gradual population growth, with ownership rates remaining relatively high throughout the years. The trends in average home prices and average rent prices have shown interesting fluctuations, reflecting the dynamic nature of this small community's real estate market.
Homeownership rates in zip code 68654 have remained consistently high, ranging from 78% to 86% between 2013 and 2022. Despite some fluctuations, the overall trend shows a slight increase in homeownership, with the rate rising from 80% in 2019 to 83% in 2022. This coincides with a significant increase in average home prices, which rose from $91,376 in 2019 to $136,384 in 2022, representing a 49% increase over three years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, as interest rates remained low (below 0.5%) from 2020 to 2021, homeownership rates increased from 82% to 86%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 68654 have fluctuated between 13% and 21% from 2013 to 2022. Interestingly, the highest renter percentage of 21% was observed in 2018, corresponding to an average rent price of $539. However, the relationship between renter percentages and average rent prices is not consistently linear. For example, in 2021, when the renter percentage dropped to 13%, the average rent price was $574, higher than in some years with higher renter percentages.
The data for 2023 and 2024 shows a continued increase in average home prices in zip code 68654. In 2023, the average home price reached $139,714, and in 2024, it further increased to $142,807. This represents a steady growth of about 2.2% year-over-year. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices for zip code 68654. Based on the historical data and current trends, average home prices could potentially reach around $160,000 to $170,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching $600 to $650 per month in the same timeframe, assuming consistent economic conditions and population growth.
In summary, zip code 68654 has demonstrated a robust housing market with consistently high homeownership rates and steadily increasing average home prices. The community has shown resilience in maintaining a strong ownership-based housing market despite fluctuations in interest rates and rent prices. The most significant discoveries include the substantial 49% increase in average home prices from 2019 to 2022, the maintenance of high homeownership rates above 80% in recent years, and the potential for continued growth in both home prices and rent prices over the next five years. These trends suggest a stable and potentially attractive real estate market in this rural Nebraska community.
