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Home Values and Ownership in Zip Code 78943: A Unique Case of Complete Homeownership in Glidden, 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 78943, located in Glidden, Texas, is a small rural area with unique demographic characteristics. This zip code has maintained a consistent 100% homeownership rate from 2013 to 2022, reflecting a stable and fully owner-occupied community. The population has remained remarkably small, ranging from 3 to 5 residents over the past decade.
The homeownership rate in this zip code has been unwavering at 100% since 2013, indicating a strong preference for ownership in this small community. This consistent rate persists despite fluctuations in average home prices. In 2021, the average home price was $158,331, increasing to $162,909 in 2022, representing a 2.9% rise. This trend suggests a modest appreciation in property values, which may have reinforced the community's commitment to homeownership.
Federal interest rates have shown significant variations over the years, potentially influencing homeownership decisions. However, in the case of zip code 78943, the impact appears minimal given the consistent 100% ownership rate. For instance, when interest rates were at historic lows of 0.08% in 2021, the community maintained full homeownership. This trend continued even as rates increased to 1.68% in 2022, suggesting that local factors may have a stronger influence on homeownership than national interest rate trends in this particular area.
The renter percentage in this zip code has consistently been 0% from 2013 to 2022, aligning with the 100% homeownership rate. This absence of renters is notable, especially considering the small population size of 3 to 5 residents. The lack of rental market activity in this area may be attributed to the limited housing stock and the strong preference for homeownership among the few residents.
In 2023, the average home price in zip code 78943 decreased to $154,510, a 5.2% drop from the previous year. This decline continued into 2024, with average home prices further reducing to $145,394, marking a 5.9% decrease from 2023. Interestingly, this downward trend in home prices occurs alongside rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This inverse relationship between home prices and interest rates in the area could indicate a localized market adjustment or reflect broader economic factors impacting this small community.
Looking ahead, the 5-year forecast for average home prices in zip code 78943 suggests a potential stabilization or slight increase. Based on the recent trends and considering the unique characteristics of this small market, average home prices might range between $150,000 and $160,000 by 2029. However, this prediction should be viewed cautiously given the area's small size and susceptibility to significant impacts from even minor changes in the local economy or population.
In summary, zip code 78943 in Glidden, Texas, presents a unique case of a small, fully owner-occupied community. The area has maintained 100% homeownership despite fluctuations in home prices and interest rates. Recent years have seen a decline in average home prices, contrasting with rising interest rates. The absence of a rental market and the consistently small population underline the distinctive nature of this zip code's housing dynamics.
