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Average Home Values and Ownership in Zip Code 76637: A Rural Texas Community's Housing Trends
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
Cranfills Gap, located in zip code 76637 in Texas, is a small rural community with a unique demographic profile. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Cranfills Gap has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 82%, which increased to a peak of 90% in 2017. However, by 2022, it had slightly decreased to 82%. This overall stability in homeownership rates suggests a strong preference for owning rather than renting in this community. Interestingly, average home prices in the area have only been available since 2023, making it challenging to correlate long-term homeownership trends with historical home values.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership in Cranfills Gap increased from 82% to 87%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, the homeownership rate in the area remained relatively stable, suggesting other local factors may have influenced housing decisions.
Renter percentages in Cranfills Gap have inversely mirrored homeownership rates, showing a general decline from 17% in 2013 to 10% in 2017, before rising slightly to 18% in 2022. Average rent prices have shown an overall upward trend, increasing from $619 in 2013 to $674 in 2022, with some fluctuations in between. Notably, there was a significant spike in average rent to $1,026 in 2021, which may have been influenced by broader economic factors or local market conditions. The population of Cranfills Gap has fluctuated over the years, reaching 425 in 2022, which could have impacted rental demand and prices.
As of 2023 and 2024, we have concrete data on average home prices and interest rates for Cranfills Gap. In 2023, the average home price was $228,261, which increased to $234,386 in 2024, representing a 2.7% year-over-year increase. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on current trends and economic indicators, we can anticipate continued growth in both average home prices and rent prices in Cranfills Gap over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $260,000 by 2029. Average rent prices, which have shown more volatility, are expected to stabilize and grow at a rate of 3-4% per year, potentially reaching around $800 per month by 2029.
In summary, Cranfills Gap has maintained a high homeownership rate despite fluctuations in the local housing market. The recent availability of average home price data provides new insights into the local real estate landscape. The interplay between federal interest rates, homeownership rates, and rental markets continues to shape the housing dynamics in this small Texas community. As the area moves forward, it will be crucial to monitor these trends and their impact on the local population and economy.
