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Average Home Values and Ownership in Zip Code 76022: Bedford's Evolving Housing Market
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 76022, located in Bedford, Texas, has experienced significant changes in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 76022 has shown a slight downward trend over the years, while average home prices have consistently increased. In 2013, the homeownership rate was 55%, and the average home price was $124,010. By 2022, the homeownership rate had decreased slightly to 54%, while the average home price had risen dramatically to $308,005, representing a 148% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends in zip code 76022. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 58-59%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, dropping to 54% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 76022 have shown an overall upward trend, corresponding with increases in average rent prices. In 2013, the renter-occupied percentage was 42%, with an average rent of $1,213. By 2022, the renter percentage had increased to 46%, and the average rent had risen to $1,332, a 9.8% increase. This trend suggests that as home prices increased more rapidly than rent prices, more residents may have opted for renting over buying. The population growth from 12,592 in 2013 to 14,065 in 2022 may have also contributed to increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 76022 continued to rise, reaching $314,997 in 2023 and $321,036 in 2024. This represents a 2.3% increase from 2023 to 2024, indicating a slowing but still upward trend in home values. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 76022 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $350,000 to $375,000 by 2029. For average rent prices, we expect a continued upward trend, potentially reaching $1,450 to $1,550 per month by 2029, assuming consistent economic growth and demand for rental properties in the area.
In summary, zip code 76022 has experienced a significant increase in average home prices over the past decade, coupled with a slight decrease in homeownership rates. Renter percentages have increased along with modest rises in average rent prices. The interplay between federal interest rates, home prices, and rental market dynamics has shaped these trends. As we look to the future, continued monitoring of these factors will be crucial in understanding the evolving real estate landscape of this Bedford neighborhood.
