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Average Home Values and Ownership in Zip Code 76177: A Decade of Growth and Change in Fort Worth
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 76177, located in Fort Worth, Texas, has experienced significant growth and transformation over the past decade. This area has seen a remarkable increase in population, rising from 7,421 residents in 2010 to 27,757 in 2022. Throughout this period, homeownership rates have fluctuated, while average home prices and average rent prices have generally trended upward.
The homeownership rate in zip code 76177 has shown some variability over the years. In 2013, the earliest year with available data, the homeownership rate was 62%. This rate decreased to 54% by 2015 but rebounded to 60% in 2017. However, since then, there has been a gradual decline, with the homeownership rate settling at 53% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2010, the average home price was $175,762, which increased to $410,004 by 2022, representing a substantial 133% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. From 2013 to 2016, as interest rates remained low (ranging from 0.11% to 0.40%), homeownership rates actually decreased from 62% to 55%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed some recovery, reaching 60% in 2017 before declining again. This suggests that while interest rates play a role, other local factors may have a more pronounced effect on homeownership in this area.
The renter population in zip code 76177 has grown considerably over the years. In 2013, 24% of the population were renters, which increased to 47% by 2022. This significant rise in the renter population coincides with the area's rapid population growth. Average rent prices have also shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $1,556, which increased to $1,637 by 2018. However, there was a slight decrease to $1,573 in 2022, possibly reflecting market adjustments to the increased supply of rental properties.
Looking at the most recent data, the average home price in zip code 76177 for 2023 was $397,305, showing a slight decrease from the 2022 peak. This trend continues into 2024, with the average home price at $392,617. Interestingly, this occurs as federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 76177 may experience a period of stabilization or slight decline in the short term, influenced by the current high interest rates. However, given the area's strong population growth and historical price appreciation, a gradual return to modest price growth is likely in the medium term. For average rent prices, the forecast suggests continued stability with potential for slight increases, driven by the area's growing population and the balance between new rental supply and demand.
In summary, zip code 76177 has undergone significant changes, characterized by rapid population growth, fluctuating homeownership rates, and generally increasing property values. The area has seen a notable shift towards a higher proportion of renters, likely influenced by the influx of new residents. While recent data shows a slight cooling in the housing market, the long-term trends suggest a dynamic and growing community with potential for continued development in both the ownership and rental markets.
