Research from a Nebraska Wesleyan University senior shows that real estate prices across the state will likely be on the rise for the next several years.
Khang Hoang (’24), a data analytics major from Vietnam, says the trajectory of housing prices have been steadily increasing. “In the last 10 years, housing prices have almost doubled to $238,000 for a single-family home in Nebraska.”
He says that trend will continue through 2030. “I used a specific model to determine what the next five years will look like. The housing price could be about $350,000 by the end of the decade.”
There are several factors that impact the housing market across the state. “More people are moving to Omaha and Lincoln, which has increased demand. Mortgage rates are slowly starting to decline, and unemployment rates are good.”
But, Hoang says, the biggest economic indicator is household income because that helps determine how large of a mortgage someone can afford. “In the last 10 years, median household income has increased from $60,000 to $80,000 (in Nebraska).”
His advice to potential homeowners is buy now. “History shows us that housing prices always go up and they rarely ever decline.”
Hoang presented his findings during the 2024 Student Symposium: Celebrating Research and Creative Endeavor.