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Average Home Values and Ownership in Zip Code 75082: A Decade of Shifts in Richardson, 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 75082, located in Richardson, Texas, has experienced significant demographic and real estate changes over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices.
The ownership percentage in zip code 75082 has shown a clear downward trend, declining from 73% in 2019 to 52% in 2022. This shift coincides with a remarkable increase in average home prices. In 2019, the average home price was $379,089, which rose dramatically to $547,377 by 2022, representing a 44.4% increase in just three years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for many residents in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2010 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%. During this period, homeownership rates in zip code 75082 remained relatively stable, hovering around 73-75%. However, as interest rates began to rise more sharply in 2022 to 1.68%, we see a corresponding drop in homeownership to 52%. This aligns with the well-established trend that higher interest rates typically make mortgages less affordable, potentially discouraging homeownership.
As homeownership rates declined, the percentage of renters in zip code 75082 increased from 27% in 2019 to 48% in 2022. This shift coincided with a significant rise in average rent prices. In 2019, the average rent was $2,212, which increased to $2,086 by 2022. Despite this slight decrease in 2022, the overall trend shows rising rent prices. The population of the zip code also grew from 23,432 in 2019 to 28,656 in 2022, a 22.3% increase. This population growth likely contributed to the increased demand for rental properties and the subsequent rise in rental prices.
Looking at the most recent data, average home prices in zip code 75082 continued to rise, reaching $563,059 in 2023 and $574,630 in 2024. This represents a 5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These high interest rates, combined with the continued increase in home prices, may further impact homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 75082 will continue to rise, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,500 per month within the same timeframe. These projections are based on the historical trends and assume relatively stable economic conditions.
In summary, zip code 75082 has experienced a significant shift from homeownership to renting, driven by rapidly increasing home prices and rising interest rates. The area has seen substantial population growth, which has likely contributed to the increased demand for housing and subsequent price increases in both the sales and rental markets. As home prices and interest rates continue to rise, this trend of decreasing homeownership and increasing rental demand may persist in the coming years.
