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Average Home Values and Ownership in Kingsville, Texas: A Decade of Housing Market Shifts
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
Kingsville, a city in Texas, is known for being home to Texas A&M University-Kingsville and Naval Air Station Kingsville. This vibrant community has experienced fluctuations in homeownership rates and housing prices over the past decade. The city has seen a slight decline in homeownership, while average home prices have generally trended upward. Average rent prices have also shown an overall increase, albeit with some variability.
The homeownership rate in Kingsville has experienced a modest decline from 2013 to 2022. In 2013, 54% of housing units were owner-occupied, while by 2022, this figure had decreased to 49%. During this same period, average home prices in Kingsville showed a steady upward trend. In 2013, the average home price was $96,508, and by 2022, it had risen to $140,688, representing a significant increase of about 45.8% over nine years.
Federal interest rates have played a role in shaping homeownership trends in Kingsville. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 50-52%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a slight downward trend in homeownership, dropping to 49% by 2022.
The renter population in Kingsville has shown a slight increase over the years, rising from 45% in 2013 to 51% in 2022. This trend coincides with fluctuations in average rent prices. In 2013, the average rent was $870, which increased to $984 by 2016. However, rent prices then experienced some volatility, eventually settling at $844 in 2022. This decrease in average rent despite an increase in the renter population could be attributed to factors such as new housing developments or changes in the local economy.
In 2023 and 2024, Kingsville's housing market showed some interesting developments. The average home price in 2023 was $136,200, indicating a slight decrease from the 2022 figure. This trend continued into 2024, with the average home price further declining to $135,258. Interestingly, these price decreases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical data and recent trends, we can project some potential scenarios for Kingsville's housing market over the next five years. Average home prices may experience a period of stabilization or modest growth, potentially reaching around $145,000 to $150,000 by 2029. Average rent prices could see a gradual increase, possibly rising to approximately $950 to $1,000 per month in the same timeframe.
In summary, Kingsville has experienced a slight shift towards renting over homeownership in recent years, alongside an overall increase in average home prices. The relationship between federal interest rates and homeownership rates has been notable, with higher rates coinciding with a small decline in homeownership. Despite recent fluctuations, both the housing and rental markets in Kingsville show signs of stability with potential for modest growth in the coming years.
