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Zip Code 69155: Rising Home Values and 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 69155, encompassing Paxton in Nebraska, presents an intriguing case study of rural housing dynamics. This area has seen notable shifts in homeownership rates and property values over the past decade. From 2013 to 2022, the percentage of owner-occupied homes increased significantly, while average home prices and average rent prices experienced fluctuations.
The trend between ownership percentage and average home prices in zip code 69155 reveals an interesting pattern. In 2013, the homeownership rate stood at 70%, with average home prices at $107,168. By 2022, homeownership had climbed to 80%, coinciding with a substantial increase in average home prices to $205,844. This represents a 92.1% increase in average home values over the nine-year period. The consistent rise in homeownership rates suggests a growing preference for property ownership in the area, possibly driven by the appreciation in home values.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 69155. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates increased from 70% to 73%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 80% in 2022. This trend suggests that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have had a stronger influence on homeownership decisions in this rural area.
The renter percentage in zip code 69155 has shown a steady decline, inversely mirroring the rise in homeownership. In 2013, 30% of housing units were renter-occupied, with an average rent of $654. By 2022, the renter percentage had decreased to 20%, while the average rent had increased to $849, representing a 29.8% rise over the period. This trend suggests that as more residents transitioned to homeownership, the rental market became more competitive, potentially driving up average rent prices despite the decreasing renter population.
In 2023 and 2024, the housing market in zip code 69155 continued to evolve. Average home prices reached $216,857 in 2023 and further increased to $222,524 in 2024, marking a 5.4% and 8.1% rise from 2022 levels, respectively. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, representing the highest rates in over a decade. These figures indicate a resilient housing market that has continued to appreciate despite the significant increase in borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 69155 may continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand and the overall appreciation of property values in the area.
In summary, zip code 69155 has experienced a significant shift towards homeownership, accompanied by substantial increases in both average home prices and average rent prices. The area has demonstrated resilience in its housing market, with property values continuing to rise even in the face of increasing interest rates. These trends point to a dynamic rural housing market that has seen growing preference for homeownership and sustained property value appreciation over the past decade.
