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Huntington, Texas: Home Values Double Amid Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Huntington, a small city in Texas, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the city's evolving real estate landscape.
Homeownership in Huntington has seen a significant decline since 2013. The percentage of owner-occupied homes decreased from 75% in 2017 to 60% in 2022. This downward trend coincides with a substantial increase in average home prices. In 2013, the average home price in Huntington was $116,427, which rose steadily to reach $213,664 by 2022, representing an 83.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in Huntington appears to follow established patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates were relatively stable at around 71%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 60%. This trend suggests that higher interest rates may have contributed to the decrease in homeownership, potentially making mortgages less affordable for some residents.
Conversely, the percentage of renters in Huntington has increased from 25% in 2017 to 40% in 2022. This rise in renters coincides with fluctuations in average rent prices. In 2013, the average rent was $539, which increased to $943 by 2019. However, it then decreased to $602 by 2022. The population growth from 4,363 in 2017 to 5,639 in 2022 may have contributed to the increased demand for rental properties, despite the fluctuations in rent prices.
Looking at more recent data, the average home price in Huntington slightly decreased to $208,583 in 2023 but showed a modest increase to $211,285 in 2024. This slight uptick occurs despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating a resilient housing market in the face of less favorable borrowing conditions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Huntington will continue to rise, albeit at a slower pace than in previous years. The average home price could potentially reach around $230,000 by 2029. For rent prices, the forecast suggests a gradual increase, potentially reaching an average of $700 to $750 per month by 2029, assuming steady population growth and economic stability.
In summary, Huntington has experienced a significant shift from homeownership to renting over the past decade, coinciding with substantial increases in average home prices. The interplay between federal interest rates, housing affordability, and population growth has shaped these trends. While recent data shows a slight cooling in the housing market, the overall trajectory suggests continued growth in both home prices and rent, albeit at a more moderate pace.
