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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Astrodome Area in Houston, Texas, a neighborhood known for its proximity to NRG Stadium, has experienced notable changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home prices, and rental costs from 2013 to 2024. From 2013 to 2022, the Astrodome Area's homeownership rate remained relatively stable, ranging between 15% and 17%. Despite this consistency, average home prices in the neighborhood saw substantial growth. In 2013, the average home price was $98,596, which increased dramatically to $156,015 by 2022, representing a 58% rise over nine years. This significant increase in home prices did not appear to greatly impact homeownership rates, suggesting other factors may have influenced residents' ability or desire to purchase homes. The relationship between federal interest rates and homeownership rates in the Astrodome Area presents an interesting dynamic. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates remained steady at 15-16%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 16%. This suggests that local market factors may have played a more significant role in homeownership decisions than national interest rates during this period.
Renter percentages in the Astrodome Area have consistently been high, ranging from 82% to 85% between 2013 and 2022. This high proportion of renters aligns with the trend in average rent prices, which have steadily increased over the years. In 2013, the average rent was $1,142, rising to $1,261 by 2022, an increase of about 10.4% over nine years. The population in the area also grew from 16,292 in 2013 to 17,586 in 2022, potentially contributing to the demand for rental properties and the subsequent rise in rent prices.
Recent data from 2023 and 2024 shows that average home prices in the Astrodome Area have continued to climb. In 2023, the average home price reached $162,339, and in 2024 it slightly increased to $162,437. This represents a 4.1% increase from 2022 to 2023, followed by a minimal 0.06% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in the Astrodome Area will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, projections suggest average home prices could reach approximately $175,000 to $180,000 by 2029. For average rent prices, the forecast indicates a continued upward trend, potentially reaching around $1,400 to $1,450 per month in the next five years.
In summary, the Astrodome Area has demonstrated resilience in its housing market, with steadily increasing average home and rent prices despite relatively stable homeownership rates. The high percentage of renters, coupled with population growth, has likely contributed to the consistent rise in average rent prices. Moving forward, the neighborhood is poised for continued growth in both home values and rental costs, making it an area of interest for both residents and investors in the Houston real estate market.