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Average Home Values and Ownership in Zip Code 76578: A Decade of Fluctuations in Thrall, 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
In zip code 76578, located in Thrall, Texas, we observe an interesting dynamic between homeownership rates, average home prices, and average rent prices over the past decade. This area has maintained a consistently high rate of homeownership, hovering around 80-85%, while experiencing significant fluctuations in both population and housing market values.
The homeownership rate in zip code 76578 has remained relatively stable, with slight variations between 80% and 85% from 2013 to 2022. Despite this stability, average home prices have shown a strong upward trend. In 2013, the average home price was $149,251, which steadily increased to $373,610 by 2022, representing a remarkable 150% increase over this period. This substantial rise in home values did not significantly impact the high rate of homeownership, suggesting a resilient local housing market and potentially strong economic conditions for existing homeowners.
Federal interest rates have played a role in shaping the homeownership landscape in zip code 76578. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), the homeownership rate remained high at around 80-85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we still see the homeownership rate maintaining its high levels, indicating a robust local housing market that could withstand these increases.
The rental market in zip code 76578 has shown interesting trends as well. The percentage of renters has fluctuated between 14% and 20% from 2013 to 2022. Average rent prices have shown overall growth, albeit with some volatility. In 2013, the average rent was $1,044, which increased to $1,394 by 2021, representing a 33.5% increase. However, there was a notable drop to $917 in 2022, a 34% decrease from the previous year. This drop in rent prices occurred simultaneously with a slight increase in homeownership (from 81% to 82%), possibly indicating a shift towards homeownership as renting became comparatively less attractive.
Looking at the most recent data, we see that average home prices in zip code 76578 reached $340,412 in 2023 and $328,540 in 2024, showing a slight decline from the peak of $373,610 in 2022. This cooling in the housing market coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the moderation in home prices by potentially reducing buyer demand.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 76578 may continue to experience moderate growth, albeit at a slower pace than the rapid increases seen in the early 2020s. This prediction is based on the area's historical resilience and the current balance between supply and demand. For average rent prices, we expect a stabilization and potential gradual increase, assuming the sharp drop in 2022 was an anomaly rather than the start of a long-term trend.
In summary, zip code 76578 has demonstrated a robust housing market characterized by consistently high homeownership rates and significant appreciation in average home values over the past decade. The rental market has shown more volatility, with recent drops in average rent prices potentially influencing shifts towards homeownership. The area's ability to maintain high homeownership rates despite rising home prices suggests a strong local economy and desirable living conditions. As we move forward, the interplay between interest rates, home prices, and rental rates will continue to shape the housing landscape in this Texas community.
