Loading Content...
Home Values and Ownership Trends in Atlanta, Texas (ZIP Code 75551): A Decade of Resilience and Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 75551, located in Atlanta, Texas, presents an intriguing case study of homeownership and housing market dynamics. This area has experienced notable fluctuations in homeownership rates and significant changes in average home and rent prices over the past decade.
The ownership percentage in this zip code has shown resilience, maintaining a relatively high rate throughout the observed period. In 2013, the homeownership rate stood at 75%, and it peaked at 81% in 2019. However, there was a slight decline to 76% by 2022. Concurrently, average home prices have demonstrated a steady upward trend. In 2010, the average home price was $104,329, and by 2022, it had risen to $175,372, representing a substantial increase of 68% over this period.
The relationship between federal interest rates and homeownership rates in zip code 75551 shows an interesting pattern. Despite historically low interest rates from 2010 to 2016 (ranging from 0.1% to 0.4%), homeownership rates remained relatively stable, hovering around 75-78%. Interestingly, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership actually increased, reaching its peak of 81% in 2019. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in homeownership decisions in this area.
Renter percentages in zip code 75551 have fluctuated inversely to homeownership rates, naturally. The renter population reached its lowest point of 19% in 2019, coinciding with the peak in homeownership. Average rent prices have shown a consistent upward trend. In 2013, the average rent was $482, and by 2022, it had increased to $862, marking a 79% rise. This significant increase in rent prices occurred despite the relatively stable renter population, suggesting strong demand for rental properties or overall market appreciation in the area.
Looking at the most recent data, the average home price in zip code 75551 for 2023 was $167,590, showing a slight decrease from 2022. In 2024, the average home price further declined to $157,474. Interestingly, this downward trend in home prices coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 75551 may experience a period of stabilization or slight decline in the short term, influenced by the current high interest rates. However, given the area's historical trend of appreciation, prices are likely to resume an upward trajectory in the medium to long term, albeit at a more moderate pace. For rent prices, the forecast suggests continued growth, potentially reaching an average of $1,000-$1,100 per month within the next five years, driven by consistent demand and overall market appreciation.
In summary, zip code 75551 has demonstrated a robust homeownership market with steadily increasing property values over the past decade. The area has maintained high homeownership rates despite fluctuations in interest rates, suggesting strong local factors supporting home buying. Rent prices have shown significant growth, outpacing the increase in home prices percentage-wise. The recent cooling in home prices, coinciding with rising interest rates, presents an interesting development to monitor in the coming years. Overall, the housing market in this zip code appears resilient, with potential for continued growth in both the ownership and rental sectors.
