Loading Content...
Average Home Values and Ownership in Zip Code 76107: Fort Worth's Cultural Hub Sees Significant Changes
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fort Worth's zip code 76107 is a dynamic urban area in Texas, showcasing interesting trends in homeownership and housing prices over the past decade. This zip code has experienced significant changes in its real estate landscape, with shifting patterns in ownership percentages and notable increases in both average home prices and average rent prices.
The homeownership rate in zip code 76107 has shown a gradual decline from 2013 to 2022. In 2013, 52% of housing units were owner-occupied, but by 2022, this figure had decreased to 47%. Conversely, the average home prices in the area have seen substantial growth. In 2013, the average home price was $177,899, which steadily increased to $369,664 by 2022, representing a remarkable 108% increase over this period. This inverse relationship suggests that as home prices rose, homeownership became less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 76107. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 51-52%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined to 47%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 76107 has increased correspondingly with the decline in homeownership. In 2013, 48% of housing units were renter-occupied, which increased to 53% by 2022. During this same period, average rent prices also saw an upward trend. The average rent price in 2013 was $1,107, which rose to $1,184 by 2022, an increase of about 7%. It's worth noting that the population in the zip code grew from 27,096 in 2013 to 31,032 in 2022, potentially contributing to increased demand for rental properties and subsequent rent increases.
In 2023 and 2024, the real estate market in zip code 76107 continued to evolve. The average home price in 2023 was $372,425, showing a slight increase from 2022. In 2024, the average home price further rose to $379,747. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may continue to impact homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 76107 may continue to rise over the next five years, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 by 2029. However, the rate of increase for both may slow down compared to the rapid growth observed in the past decade.
In summary, zip code 76107 has experienced a clear shift towards a renter-majority population, driven by rising home prices and fluctuating interest rates. The inverse relationship between homeownership rates and average home prices, coupled with the steady increase in both population and rent prices, indicates a changing landscape in this Fort Worth neighborhood. These trends suggest a continuing evolution of the area's real estate market, with potential implications for housing affordability and community demographics in the coming years.
