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Zip Code 69168: Rising Home Values and High Ownership Rates in Venango, 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 69168, located in Venango, Nebraska, offers an interesting perspective on homeownership and rental trends in a small rural community. This area has seen changes in its ownership percentage and average home prices over time, with a general trend towards increased homeownership and rising property values.
An examination of ownership percentage and average home prices shows a notable correlation. In 2016, when average home prices were first recorded at $60,859, the homeownership rate was 85%. As average home prices steadily increased, reaching $108,715 in 2022, the homeownership rate remained relatively stable, with a slight decrease to 80% by 2022. This suggests that despite rising home values, the community has maintained a strong foundation of homeownership.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite historically low interest rates from 2016 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively stable, fluctuating between 83% and 87%. This indicates that other local factors may have a more significant influence on homeownership in this small community than national interest rate trends.
Renter percentages and average rent prices show some volatility. In 2013, when average rent was $424, renters comprised 21% of the population. As average rent increased to a peak of $636 in 2017, the percentage of renters decreased to 13%. By 2022, as average rent moderated to $467, the renter percentage increased slightly to 20%. This suggests that rental demand in the area may be influenced by factors beyond just price, such as local economic conditions or housing availability.
The most recent data shows the average home price in zip code 69168 reached $115,055 in 2023 and further increased to $123,682 in 2024. This represents a significant jump from previous years, indicating a strong upward trend in property values. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property demand in the area.
Predictive models forecast that average home prices in zip code 69168 will continue to rise, potentially reaching around $150,000 by 2029. This projection is based on the consistent upward trajectory observed since 2016. Average rent prices, which have shown more variability, are expected to stabilize and potentially increase moderately, possibly reaching $550-$600 per month by 2029.
In summary, zip code 69168 demonstrates a robust homeownership market with steadily increasing property values, despite fluctuations in federal interest rates. The rental market shows more variability, suggesting sensitivity to local economic factors. The recent sharp increases in both home prices and interest rates will likely play a significant role in shaping the area's housing landscape in the coming years, potentially challenging the historically high rates of homeownership.
