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Average Home Values and Ownership in Zip Code 75032: A Decade of Growth in Rockwall, Texas
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 75032, located in Rockwall, Texas, has experienced significant growth and change over the past decade. This area has seen a steady increase in population, rising from 25,873 in 2010 to 36,582 in 2022, reflecting a robust 41.4% growth rate. Throughout this period, homeownership rates have remained relatively stable, while average home prices and rent have shown notable fluctuations.
The homeownership rate in zip code 75032 has maintained a consistent level, ranging between 83% and 85% from 2013 to 2022. Despite this stability, average home prices have shown a dramatic upward trend. In 2010, the average home price was $236,181, which steadily increased to $519,482 by 2022, representing a substantial 120% increase over 12 years. This trend suggests that while the proportion of homeowners remained relatively constant, the value of properties in the area appreciated significantly.
Federal interest rates have played a role in homeownership trends, albeit indirectly. Interest rates remained very low from 2010 to 2021, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the stable homeownership rates observed in zip code 75032, potentially making home financing more accessible for residents. However, the dramatic rise in home prices during this period may have offset some of the benefits of low interest rates for potential new homebuyers.
The rental market in zip code 75032 has shown interesting trends as well. The percentage of renters fluctuated slightly between 12% and 17% from 2013 to 2022. Average rent prices peaked at $1,739 in 2015 and then experienced a general downward trend, reaching $1,560 in 2022. This 10.3% decrease in average rent over seven years occurred despite the growing population, suggesting that the rental market may have become more competitive or that new rental properties were introduced to meet demand.
In 2023 and 2024, the average home prices in zip code 75032 have stabilized, with values of $518,843 and $520,203 respectively. This represents a slight decrease from the 2022 peak, followed by a marginal increase. Interestingly, this stabilization coincides with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home price growth in the area.
Looking ahead, predictive models suggest that average home prices in zip code 75032 may continue to experience modest growth over the next five years, potentially reaching around $550,000 by 2029. However, this growth rate is expected to be more moderate compared to the rapid appreciation seen in the previous decade. Average rent prices are forecasted to remain relatively stable, potentially fluctuating between $1,500 and $1,600, barring any significant changes in local economic conditions or housing supply.
In summary, zip code 75032 has demonstrated remarkable resilience in its housing market. Despite substantial population growth, homeownership rates have remained steady, while property values have appreciated significantly. The rental market has shown more volatility, with a trend towards lower average rents in recent years. The stabilization of home prices in 2023 and 2024, coupled with rising interest rates, suggests a potential shift towards a more balanced housing market in the coming years.
