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Houston Zip Code 77057: Average Home Values and Ownership in a Predominantly Renter-Occupied Urban Area
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 77057, situated in Houston, Texas, is a compact urban area spanning 4.28 square miles. This densely populated neighborhood has experienced notable changes in homeownership rates, average home prices, and average rent prices over the past decade.
The homeownership rate in zip code 77057 has maintained relative stability, remaining around 32-33% from 2013 to 2022. Despite this consistency, average home prices have shown significant fluctuation. In 2013, the average home price was $193,080, which steadily increased to a peak of $258,780 in 2016. After a slight decline, prices rebounded, reaching $278,550 in 2022. This represents a substantial 44.3% increase in average home prices over the nine-year period.
Federal interest rates have influenced homeownership trends in the area. From 2013 to 2015, historically low interest rates ranging from 0.11% to 0.13% coincided with stable homeownership rates of 32-33%. As interest rates rose from 2016 onwards, reaching 1.68% in 2022, homeownership rates remained unchanged, suggesting other factors may have influenced housing decisions in this zip code.
The renter population in zip code 77057 has consistently comprised the majority of residents, ranging from 66% to 68% between 2013 and 2022. Average rent prices have shown a gradual upward trend during this period. In 2013, the average rent was $1,194, which increased to $1,259 by 2022, representing a 5.4% rise over nine years. The population growth in the area, from 40,786 in 2013 to 45,225 in 2022, may have contributed to the steady increase in rental demand and prices.
More recent data shows that the average home price in zip code 77057 continued to rise, reaching $287,537 in 2023 and slightly decreasing to $286,047 in 2024. This represents a 2.7% increase from 2022 to 2024. Notably, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future housing market dynamics.
Predictive models forecasting 5-year trends anticipate that average home prices in zip code 77057 will continue to appreciate, albeit at a more moderate pace. The current higher interest rates may slow down the rate of price growth. Average home prices are projected to reach approximately $310,000 to $320,000 by 2029. For average rent prices, a continued gradual increase is expected, potentially reaching $1,350 to $1,400 per month by 2029, assuming steady population growth and demand for rental properties in the area.
In summary, zip code 77057 has maintained a stable ratio of homeowners to renters over the past decade, with renters comprising the majority. Average home prices have shown significant appreciation, while average rent prices have increased more modestly. The area's population growth and economic factors have likely contributed to these trends. Moving forward, continued, though potentially slower, growth in both average home prices and average rent prices is anticipated in this Houston neighborhood.
