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Zip Code 68741: Rising Home Values and Resilient Ownership in Hubbard, 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 68741, located in Hubbard, Nebraska, presents an intriguing case study of homeownership and housing market dynamics in a small rural community. Over the past decade, this area has experienced fluctuations in its homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The relationship between homeownership rates and average home prices in zip code 68741 shows some interesting patterns. In 2013, the homeownership rate stood at 81%, with an average home price of $148,942. As average home prices steadily increased, reaching $200,378 in 2019, the homeownership rate declined to 74%. However, this trend reversed in recent years. By 2022, despite average home prices rising to $276,345, the homeownership rate rebounded to 82%. This suggests that other factors, such as local economic conditions or demographic shifts, may have influenced homeownership rates more strongly than price increases alone.
Federal interest rates have played a role in shaping homeownership trends in zip code 68741. The period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%) coinciding with stable homeownership rates around 81%. As interest rates began to rise, reaching 1.83% in 2018, homeownership rates dipped to 75%. Interestingly, despite a sharp increase in interest rates to 1.68% in 2022, homeownership rates in the area recovered to 82%, indicating that local factors may have outweighed the impact of higher borrowing costs.
Renter percentages and average rent prices in zip code 68741 have shown a correlation over the years. In 2013, with 19% of residents renting, the average rent was $652. As the renter percentage increased to 26% in 2019, average rent prices rose to $875. However, by 2022, the renter percentage decreased to 18%, while average rent continued to climb to $1,024. This suggests that despite a smaller renter population, demand for rental properties remained strong, possibly due to limited housing stock or changing preferences among renters.
Looking at the most recent data, average home prices in zip code 68741 continued to rise, reaching $300,309 in 2023 and $307,668 in 2024. This represents a significant increase from previous years, indicating a strong housing market in the area. Notably, federal interest rates have also increased substantially, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the zip code.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 68741 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $350,000 to $375,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month in the same timeframe, assuming current economic conditions and local market factors persist.
In summary, zip code 68741 has demonstrated resilience in its housing market, with homeownership rates rebounding despite rising home prices and interest rates. The area has seen substantial growth in both average home prices and rent prices over the past decade. While higher interest rates may pose challenges to affordability, local factors appear to strongly influence housing market dynamics in this rural Nebraska community. The coming years will likely see continued appreciation in both home values and rental rates, although the pace of growth may moderate due to economic factors and market conditions.
