HOUSING CONCERNS IN THE HEARTLAND—RISING COSTS ARE IMPACTING HOMEOWNERSHIP AND RENTAL RATES IN NEBRASKA

Keywords: housing data, insurance rates, MLS data, property tax, Zillow

Article: DOWNLOAD

Abstract: Policy makers and economists have viewed homeownership as a key factor of wealth accumulation for decades, one that significantly drives the economy. Despite that, housing is, and has been, a fundamental concern across the country as many researchers and analysts point to problems. The U.S. Chamber of Commerce, for example, contends that home ownership has long been part of the American dream and an integral part of the nation’s economy. The housing market, however, is severely strained due to an imbalance between supply and demand. Multiple factors play into current housing problems, including income gaps, mortgage rates, taxes, insurance, and construction costs. There does not appear to be an easy fix. This study examines the housing market in Buffalo County, Nebraska by examining building permit data, MLS data, Zillow listings, and ArcGIS data for Buffalo County, Nebraska (Kearney) with comparisons to Adams County (Hastings), Hall County (Grand Island), and Lincoln County (North Platte). Based on findings, Nebraska’s citizens and community leaders are essentially at a crossroads with housing. Sharp rises in construction costs along with property taxes and insurance rates place Nebraska at a distinct disadvantage compared to neighboring states. Communities and counties are clamoring for additional housing opportunities and public policy decisions will be critical in addressing both current housing needs and future demand.