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Home Values and Ownership in Zip Code 77657: A Decade of Growth in Lumberton, 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
Lumberton, located in zip code 77657 in Texas, has experienced notable shifts in its housing market over the past decade. This area has seen a general trend of increasing homeownership rates alongside rising average home prices, while rental rates have fluctuated.
The homeownership rate in Lumberton has shown a significant upward trend, increasing from 76% in 2013 to 84% in 2022. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $177,372, which grew to $264,961 by 2022, representing a 49.4% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $232,497 to $246,708, a 6.1% rise.
Federal interest rates have played a role in homeownership trends in Lumberton. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the initial increase in homeownership from 76% to 77%. As interest rates began to rise gradually from 2016 onwards, reaching 1.83% by 2018, homeownership continued to climb, peaking at 81% in 2017. This suggests that other local factors may have also influenced the homeownership trend in addition to interest rates.
The rental market in Lumberton has shown an inverse relationship to homeownership rates. The percentage of renters decreased from 23% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices have generally increased, albeit with some fluctuations. In 2013, the average rent was $875, which rose to $1,001 by 2021, representing a 14.4% increase. However, there was a slight decrease to $898 in 2022. The peak in average rent was observed in 2021, coinciding with the lowest renter occupancy rate of 16%.
Looking at the most recent data, the average home price in Lumberton reached $269,093 in 2023 and further increased to $272,068 in 2024. This represents a steady growth trend continuing from previous years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lumberton will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,100 per month by 2029, assuming the current trends in population growth and housing demand continue.
In summary, Lumberton has experienced a significant shift towards homeownership, with rates increasing from 76% to 84% between 2013 and 2022. This trend has been accompanied by a substantial rise in average home prices, which have grown by nearly 50% over the same period. The rental market has seen a decrease in occupancy but an overall increase in average rent prices. Recent data shows continued growth in home prices and a significant rise in interest rates, which may influence future housing market dynamics in this Texas city.
