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Bryan, Texas: Rising Home Values and Shifting Ownership Patterns in the Brazos Valley
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bryan, Texas, a vibrant city located in the heart of the Brazos Valley, has experienced significant growth and dynamic shifts in its housing market over the past decade. The city has seen fluctuations in homeownership rates, with a general trend towards a balanced mix of owners and renters. Average home prices have shown a steady upward trajectory, while average rent prices have also increased, reflecting the city's growing appeal and economic development.
The relationship between homeownership rates and average home prices in Bryan has been complex. In 2013, the homeownership rate stood at 46%, with an average home price of $130,759. As home prices rose steadily, reaching $196,636 by 2019, the homeownership rate increased to 54%. However, this trend didn't persist uniformly. By 2021, despite average home prices climbing to $219,425, the homeownership rate dropped to 43%. This suggests that rising home prices may have outpaced income growth for some residents, making homeownership less attainable.
Federal interest rates have played a role in homeownership trends in Bryan. From 2013 to 2016, when interest rates were historically low (0.11% to 0.40%), homeownership rates remained stable at around 46-50%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership actually increased to 54%, possibly due to buyers rushing to secure mortgages before rates climbed further. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) didn't correspond with increased homeownership, likely due to other economic factors at play.
Renter percentages and average rent prices have shown an interesting correlation. In 2013, with 54% of residents renting, the average rent was $784. As the renter percentage fluctuated between 50-55% from 2014 to 2018, average rents steadily increased, reaching $922 by 2018. A notable shift occurred in 2021, when the renter percentage jumped to 57%, coinciding with a significant increase in average rent to $1,070. This suggests that as demand for rentals increased, landlords were able to command higher prices.
In 2023 and 2024, Bryan's housing market continued its upward trajectory. The average home price in 2023 reached $257,100, further climbing to $263,681 in 2024. This represents a substantial increase from previous years, indicating strong demand in the local real estate market. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions.
Looking ahead, predictive models suggest that Bryan's housing market will likely continue its growth trend over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $305,000 by 2029. Average rent prices are expected to follow a similar trajectory, with estimated increases of 2-4% per year, potentially reaching $1,250 by 2029.
In summary, Bryan's housing market has demonstrated resilience and growth, with rising home values and rent prices reflecting the city's increasing desirability. The interplay between homeownership rates, rental demand, and economic factors such as interest rates has shaped a dynamic market. As Bryan continues to evolve, balancing affordability with growth will be crucial for maintaining a diverse and thriving community.
