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Average Home Values and Ownership in Zip Code 76643: A Decade of Growth and Stability in Hewitt, 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
Zip code 76643, located in Hewitt, Texas, has experienced significant demographic and housing market shifts over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, while also witnessing fluctuations in the rental market.
The homeownership rate in zip code 76643 has remained relatively stable, with some fluctuations between 2013 and 2022. In 2013, the homeownership rate was 75%, which increased to 79% in 2019, the highest point in the observed period. However, by 2022, it slightly decreased to 74%. During this same period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $139,168, which steadily increased to $294,156 by 2022, representing a substantial 111% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively high, between 73% and 78%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but generally remained above 73%, suggesting a resilient local housing market.
Renter percentages in zip code 76643 have fluctuated inversely to homeownership rates, ranging from a low of 21% in 2019 to a high of 27% in 2014 and 2020. Average rent prices have shown an overall increasing trend, rising from $1,156 in 2013 to $1,429 in 2022, a 24% increase. It's worth noting that despite the population growth from 10,109 in 2013 to 11,559 in 2022, the rental market has maintained a relatively stable share of the housing market.
In 2023 and 2024, average home prices in zip code 76643 continued to rise, reaching $301,414 in 2023 and $302,219 in 2024. This represents a slight slowdown in price growth compared to previous years, possibly influenced by the sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 76643. Average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach around $330,000 to $350,000 by 2029. For average rent prices, the trend suggests continued growth, potentially reaching $1,600 to $1,700 per month by 2029, assuming consistent economic conditions and population growth.
In summary, zip code 76643 has demonstrated a robust housing market with increasing average home prices and generally stable homeownership rates. The rental market has shown steady growth in prices while maintaining a relatively constant share of the overall housing market. The area's resilience in maintaining high homeownership rates despite rising interest rates suggests a strong local economy and desirable living conditions. However, the recent slowdown in home price growth and the sharp increase in interest rates may signal a shift in market dynamics that could influence future trends in both the ownership and rental markets.
