Loading Content...
Rising Home Values and Ownership Trends in Houston's Resilient Pleasantville Area
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Pleasantville Area in Houston, Texas, has experienced significant changes in homeownership rates and housing prices over the past decade. From 2013 to 2022, the area saw fluctuations in its ownership percentage, while average home prices consistently increased. This analysis explores the trends in homeownership, average home prices, and average rent prices in the neighborhood.
The percentage of owner-occupied homes in the Pleasantville Area has shown a notable trend over the years. In 2013, the homeownership rate stood at 77%. This rate declined steadily until 2018, reaching a low of 60%. However, from 2019 onwards, there was a reversal in this trend, with homeownership rates climbing back up to 78% by 2022. This rebound in homeownership coincided with significant increases in average home prices. In 2013, the average home price was $55,535, but by 2022, it had nearly tripled to $159,124, representing a 186% increase over nine years.
The relationship between federal interest rates and homeownership rates in the Pleasantville Area appears to follow established trends. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates declined. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates in the neighborhood also increased. This counterintuitive trend might suggest that other local factors, such as employment opportunities or neighborhood improvements, played a more significant role in driving homeownership than interest rates alone.
Renter percentages and average rent prices in the Pleasantville Area have shown interesting patterns. In 2013, 23% of residents were renters, with an average rent of $904. The percentage of renters increased to a peak of 40% in 2018, corresponding with an average rent of $1,003. However, from 2019 to 2022, the renter percentage decreased to 22%, while the average rent fluctuated, ending at $908 in 2022. It's worth noting that the population of the neighborhood increased from 3,710 in 2013 to 3,972 in 2020, before decreasing to 3,306 in 2022, which may have influenced these rental trends.
Looking at the most recent data, the average home price in the Pleasantville Area was $157,331 in 2023 and increased to $160,026 in 2024. This represents a modest growth of 1.7% over the year. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate than observed in the past decade. The average home price could reach approximately $180,000 to $190,000 by 2029. Average rent prices may also see moderate increases, potentially reaching $950 to $1,000 per month in the same timeframe.
In summary, the Pleasantville Area has demonstrated resilience in its housing market, with a strong recovery in homeownership rates and substantial growth in average home prices over the past decade. The neighborhood has weathered fluctuations in renter percentages and rent prices, likely influenced by population changes and broader economic factors. As the area continues to evolve, it will be crucial to monitor how these housing trends impact the community's overall development and affordability.
