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Home Values and Ownership Trends in Zip Code 76054: Hurst, Texas' Decade of Change
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 76054, located in Hurst, Texas, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a gradual shift from a predominantly owner-occupied community to one with an increasing renter population, while simultaneously seeing substantial growth in both home values and rental costs.
The homeownership rate in zip code 76054 has steadily declined from 91% in 2013 to 82% in 2022. During this same period, average home prices have shown a dramatic increase. In 2013, the average home price was $181,178, and by 2022, it had risen to $401,024, representing a 121% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends in this zip code. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 90%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline more rapidly, dropping from 89% to 86%. This trend aligns with the general understanding that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership rates decreased, the percentage of renters in zip code 76054 increased from 9% in 2013 to 18% in 2022. Concurrently, average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,606, which increased to $1,869 in 2019, before slightly decreasing to $1,708 in 2022. The population in this zip code has remained relatively stable during this period, fluctuating between 11,500 and 12,100 residents, suggesting that the increase in renters is not solely due to population growth but rather a shift in housing preferences or affordability.
Looking at the most recent data, average home prices in zip code 76054 continued to rise, reaching $413,265 in 2023 and $422,050 in 2024. This represents a 3% increase from 2022 to 2023 and a further 2.1% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 76054 to continue rising, potentially reaching around $480,000 by 2029. This projection is based on the consistent upward trend observed over the past decade, although the rate of increase may slow due to higher interest rates. Average rent prices are also likely to increase, potentially reaching approximately $1,900 by 2029, assuming a steady growth rate similar to recent years.
In summary, zip code 76054 has experienced a shift towards a higher percentage of renters, coupled with substantial increases in both average home prices and average rent prices. The inverse relationship between homeownership rates and property values, influenced by fluctuating interest rates, highlights the changing dynamics of the local housing market. As home prices continue to rise, albeit at a potentially slower rate, and renting becomes more prevalent, this area may see further changes in its residential composition and housing affordability landscape in the coming years.
