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Average Home Values and Ownership in Zip Code 76935: Christoval's Remarkable Shift
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 76935, located in Christoval, Texas, is a rural area spanning 247.38 square miles. This zip code has experienced significant changes in homeownership rates and housing prices over the past decade, with a notable trend towards increased owner-occupied housing.
The homeownership rate in zip code 76935 has shown a remarkable upward trend, rising from 81% in 2013 to 98% in 2022. This substantial increase in homeownership coincided with a significant rise in average home prices. In 2014, the average home price was $227,064, which steadily increased to $395,030 by 2022, representing a 74% increase over eight years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite fluctuations in interest rates, the homeownership rate continued to climb. For instance, when interest rates were at 0.09% in 2014, the homeownership rate was 84%. As interest rates rose to 1.68% in 2022, the homeownership rate reached 98%, suggesting that local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
The renter percentage in zip code 76935 has decreased significantly, from 2% in 2013 to 2% in 2022. Despite this low and stable renter percentage, average rent prices have shown some fluctuation. In 2013, the average rent was $1,135, which peaked at $1,174 in 2015 before declining to $1,082 in 2022. This trend suggests that the limited rental market in the area may be influenced by factors other than demand, such as overall property values or local economic conditions.
As of 2024, the average home price in zip code 76935 stands at $403,100, showing a slight increase from the 2023 value of $394,332. This rise occurs despite the federal interest rate increasing from 5.02% in 2023 to 5.33% in 2024, indicating a resilient housing market in the area.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 76935 may continue to rise moderately over the next five years, potentially reaching around $450,000 by 2029. Average rent prices, which have been more volatile, might stabilize around $1,200 per month, assuming the rental market remains limited and homeownership rates stay high.
In summary, zip code 76935 has demonstrated a strong trend towards homeownership, with rates reaching near-total levels by 2022. This shift has been accompanied by significant increases in average home prices, despite fluctuations in federal interest rates. The rental market, while small, has shown some price volatility. These trends suggest a community increasingly focused on long-term residency and property ownership, with potential for continued growth in property values in the coming years.
