Loading Content...
Average Home Values and Ownership in Zip Code 79097: White Deer's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
White Deer, Texas, located in zip code 79097, is a small town that has experienced significant demographic shifts over the past decade. This analysis focuses on the trends in homeownership rates, average home prices, and average rent prices in the area, providing insights into the local real estate market dynamics.
Homeownership in White Deer has shown remarkable stability over the years, with slight fluctuations. In 2013, the homeownership rate stood at 87%, and by 2022, it had decreased slightly to 85%. Despite this minor decline, the town has maintained a consistently high rate of owner-occupied housing. Average home prices in the area have shown a modest upward trend, increasing from $124,846 in 2022 to $126,796 in 2023, representing a 1.56% growth.
The relationship between federal interest rates and homeownership rates in White Deer appears to follow the general trend observed nationally. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates in the town stayed relatively stable, hovering around 87-90%. This stability in homeownership during periods of low interest rates aligns with the principle that lower rates typically encourage homeownership due to more affordable financing options.
Renter percentages in White Deer have shown some variability over the years. In 2013, the renter-occupied rate was 13%, which remained consistent until 2018 when it dropped to 10%. By 2022, the renter percentage increased to 15%, indicating a recent shift towards more rental occupancy. Average rent prices have fluctuated over this period, with notable changes including a peak of $947 in 2017 and a subsequent decline to $803 in 2022. This represents a 15.2% decrease in average rent prices over five years, which could be attributed to changes in local economic conditions or housing supply.
As of 2024, the average home price in White Deer has risen to $127,689, continuing the upward trend observed in previous years. This represents a 0.7% increase from 2023 prices. Concurrently, the federal interest rate has increased to 5.33% in 2024, up from 5.02% in 2023. This rise in interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends, we can anticipate a continued modest increase in average home prices in White Deer over the next five years. If the current trajectory holds, average home prices could potentially reach around $132,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or see a slight increase, potentially reaching around $850 per month by 2029, assuming economic conditions remain relatively stable.
In summary, White Deer, Texas (79097) has maintained a high rate of homeownership despite recent slight declines. The town has experienced modest growth in average home prices, while average rent prices have fluctuated. The interplay between federal interest rates, homeownership rates, and housing prices reflects broader economic trends, with the recent rise in interest rates potentially influencing future market dynamics. The stability in homeownership rates, coupled with gradual increases in home values, suggests a relatively resilient local real estate market in White Deer.
