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Average Home Values and Ownership in Ben Wheeler, Texas Zip Code 75754: A Decade of Resilience
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 75754, located in Ben Wheeler, Texas, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in recent years.
The homeownership rate in zip code 75754 has shown an overall upward trend, increasing from 76% in 2019 to 85% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2019, the average home price was $213,323, which rose dramatically to $315,694 by 2022, representing a 48% increase over just three years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 75754. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% in 2019 to just 0.08% in 2021. This low-interest environment likely contributed to the surge in homeownership, as mortgages became more affordable for potential buyers. The homeownership rate increased from 76% in 2019 to 81% in 2021, aligning with this period of low interest rates.
Conversely, the renter population in zip code 75754 has decreased as homeownership rates increased. The percentage of renters dropped from 24% in 2019 to 15% in 2022. Despite this decrease in the renter population, average rent prices have shown a general upward trend. The average rent increased from $947 in 2019 to $901 in 2022, with some fluctuations in between. This trend suggests that even with fewer renters, demand for rental properties remained relatively strong, possibly due to the area's growing population, which increased from 7,374 in 2019 to 7,827 in 2022.
Looking at the most recent data, 2023 saw a slight decrease in average home prices to $295,319, followed by a further small decline to $293,482 in 2024. This represents a 7% decrease from the peak prices seen in 2022. Interestingly, this price adjustment occurred as federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have cooled the housing market, leading to the observed price stabilization.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 75754 may continue to stabilize or experience modest growth, assuming interest rates remain elevated. The rapid price appreciation seen in the early 2020s is unlikely to continue at the same pace. For rent prices, we expect a steady increase over the next five years, potentially reaching an average of around $950-$1,000 per month by 2029, driven by overall inflation and continued population growth in the area.
In summary, zip code 75754 has experienced a significant increase in homeownership rates and average home prices from 2019 to 2022, followed by a recent stabilization. The interplay between federal interest rates, population growth, and housing demand has shaped these trends. While homeownership has increased, the rental market has remained relatively stable despite a decreasing renter population. Looking forward, we expect more moderate growth in both home prices and rents, with the potential for fluctuations based on broader economic factors and local market conditions.
