Renter percentages in West Odessa have remained relatively consistent, ranging from 30% to 33% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $960, which increased to $1,059 by 2019, representing a 10.3% increase. However, there was a notable decrease to $881 in 2021, followed by a slight recovery to $894 in 2022. These fluctuations in rent prices may be influenced by changes in housing supply, local economic conditions, and population growth, which increased from 21,226 in 2013 to 26,541 in 2022.

In 2023, the average home price in West Odessa was $195,147, showing a slight decrease from the previous year. However, 2024 has seen an uptick, with average home prices reaching $203,909. This recent increase comes alongside a rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite higher interest rates, the housing market in this area appears to be maintaining its value.

Looking ahead, based on historical trends and current market conditions, we can expect average home prices in West Odessa to continue their upward trajectory, albeit at a more moderate pace. A five-year forecast suggests average home prices could reach approximately $225,000 to $235,000 by 2029. Average rent prices are likely to stabilize and gradually increase, potentially reaching $950 to $1,000 per month in the same timeframe.

In summary, West Odessa (79764) has demonstrated resilience in its housing market, with stable homeownership rates and generally increasing home values over the past decade. The area has weathered fluctuations in rent prices and adapted to changing interest rate environments. As the community continues to grow, it's likely to see further evolution in its housing landscape, with moderate growth in both home prices and rental rates expected in the coming years.