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Average Home Values and Ownership in Zip Code 75703: A Decade of Growth in Tyler, 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 75703, located in Tyler, Texas, has experienced significant demographic and housing market changes over the past decade. This area has seen a steady increase in population and fluctuations in homeownership rates, alongside notable rises in average home prices and average rent costs.
The homeownership rate in zip code 75703 has remained relatively stable, hovering around 56% from 2013 to 2022. However, there have been slight fluctuations, with the rate reaching a peak of 57% in 2017 and 2022. Interestingly, these changes in homeownership rates coincide with trends in average home prices. In 2013, the average home price was $193,334, and it steadily increased to $329,484 by 2022, representing a significant 70.4% increase over this period. This substantial rise in home prices did not significantly deter homeownership, suggesting a robust local economy and sustained demand for housing in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 75703. For instance, when interest rates were historically low at 0.08% in 2021, the homeownership rate was 55%. As interest rates rose to 1.68% in 2022, there was a slight increase in homeownership to 57%. This suggests that while low interest rates generally encourage homeownership, other local factors may have a more significant influence on housing decisions in this area.
Renter percentages in zip code 75703 have shown slight variations, ranging from 42% to 45% between 2013 and 2022. Interestingly, the average rent prices have consistently increased during this period, rising from $1,082 in 2013 to $1,253 in 2022, a 15.8% increase. Despite this rise in rent costs, the renter population has remained relatively stable, indicating a consistent demand for rental properties in the area. The population growth from 38,710 in 2013 to 44,484 in 2022 may have contributed to maintaining this demand for rentals.
In 2023 and 2024, the housing market in zip code 75703 continued to evolve. The average home price reached $348,212 in 2023 and further increased to $353,470 in 2024, showing a continued upward trend. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 75703 may continue to rise over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 75703 has demonstrated resilience in its housing market, with stable homeownership rates despite significant increases in average home prices. The area has also maintained a consistent renter population even as average rent prices have risen. The interplay between federal interest rates, local economic factors, and population growth has shaped these trends, creating a dynamic and evolving housing landscape in this Tyler neighborhood.
