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Rising Home Values and Ownership Rates in Zip Code 76271: Tioga's Decade of Growth
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 76271, located in Tioga, Texas, has experienced significant changes in homeownership rates and housing prices over the past decade. This small community has shown a general trend towards increased homeownership and rising property values, reflecting the area's growing appeal. The ownership percentage in zip code 76271 has shown a notable upward trend, increasing from 79% in 2015 to 87% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2012, the average home price was $121,681, which steadily climbed to $358,025 by 2022, representing a remarkable 194% increase over a decade. This strong correlation between rising homeownership rates and increasing home values suggests a growing demand for property in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 76271. The period from 2012 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates increased from 79% in 2015 to 84% in 2017, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates remained relatively stable, hovering around 87-90%, indicating a resilient housing market in the area.
The renter percentage in zip code 76271 has fluctuated over the years, generally showing an inverse relationship to homeownership rates. In 2015, the renter percentage was 20%, which decreased to 13% by 2022. Despite this overall decline in the renter population, average rent prices have shown an upward trend. The average rent increased from $1,067 in 2015 to $1,277 in 2022, a 19.7% rise. This increase in rent prices, despite a decreasing renter population, suggests a tightening rental market, possibly due to limited rental inventory as more properties transition to owner-occupied status.
In 2023 and 2024, the housing market in zip code 76271 continued its upward trajectory. The average home price reached $370,557 in 2023 and further increased to $378,721 in 2024, representing a 2.2% year-over-year growth. This steady appreciation occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong underlying demand for housing in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 76271 could potentially reach the $450,000 to $500,000 range by 2029. Average rent prices are projected to increase at a more moderate pace, potentially reaching $1,400 to $1,500 per month in the same timeframe.
In summary, zip code 76271 has demonstrated a robust housing market characterized by increasing homeownership rates, rapidly appreciating home values, and rising rent prices. The area has shown resilience to fluctuating interest rates, maintaining strong homeownership levels even as rates have increased. The consistent growth in both home prices and rent suggests a desirable location with continued demand for housing, both for purchase and rental.
