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Home Values and Ownership in Zip Code 76039: A Decade of Change in Euless, 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 76039, located in Euless, Texas, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices.
The homeownership rate in zip code 76039 has shown a gradual decline from 2013 to 2022. In 2013, 42% of residents were homeowners, but by 2022, this figure had decreased to 38%. During this same period, average home prices in the area saw a remarkable increase. In 2013, the average home price was $155,754, and by 2022, it had risen to $353,586, representing a 127% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 76039. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable at around 41-42%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership rates decreased, the percentage of renters in zip code 76039 increased from 58% in 2013 to 62% in 2022. Concurrently, average rent prices rose from $1,183 in 2013 to $1,414 in 2022, an increase of 19.5%. The population of the zip code also grew during this period, from 32,582 in 2013 to 40,006 in 2022, potentially contributing to increased demand for rental properties and subsequent rent price increases.
In 2023 and 2024, the housing market in zip code 76039 continued to evolve. The average home price reached $363,625 in 2023 and further increased to $370,771 in 2024, showing a continued upward trend. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have implications for future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 76039 may continue to rise over the next five years, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 76039 has experienced a shift towards renting, with homeownership rates decreasing as average home prices have significantly increased. Rising federal interest rates have likely contributed to this trend. The rental market has seen steady growth in both the percentage of renters and average rent prices. As the area continues to grow and evolve, these housing market dynamics are likely to play a crucial role in shaping the community's future.
