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Rising Home Values and Stable Ownership in Zip Code 76093: Rio Vista's Resilient Housing Market
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
Rio Vista, located in zip code 76093 in Texas, has experienced notable shifts in its housing market over the past decade. This small city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Rio Vista has remained relatively stable, ranging from 73% to 82% between 2013 and 2022. In 2013, the homeownership rate was 82%, the highest in the recorded period. It decreased slightly to 73% in 2020 before rising again to 78% in 2022. This trend generally aligns with changes in average home prices, which have shown a consistent upward trajectory. The average home price in the area increased from $107,888 in 2013 to $275,619 in 2022, representing a significant 155% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in Rio Vista. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates remained relatively high, between 75% and 82%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership, dropping to 74% in 2017. However, the relationship is not always direct, as other local factors also influence homeownership rates.
Renter percentages in Rio Vista have fluctuated inversely to homeownership rates, ranging from 18% to 27% between 2013 and 2022. Interestingly, average rent prices have shown a general downward trend despite these fluctuations. In 2013, the average rent was $1,177, which decreased to $914 by 2022, a 22% reduction. This trend occurred despite the city's population growth from 1,530 in 2013 to 2,065 in 2022, suggesting that other factors such as local economic conditions or housing supply may have influenced rental prices more than population growth.
Looking at the most recent data, the average home price in Rio Vista for 2023 was $275,330, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $279,274. This upward trend is occurring despite the significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Rio Vista will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $310,000 by 2029. For average rent prices, the forecast suggests a potential reversal of the recent downward trend, with prices possibly increasing to around $1,050 by 2029, reflecting potential increased demand for rentals due to higher home purchase costs.
In summary, Rio Vista in zip code 76093 has maintained a strong homeownership base despite significant increases in average home prices. The inverse relationship between homeownership and rental rates, coupled with the unexpected decrease in average rent prices amidst population growth, highlights the complex dynamics of this local housing market. As interest rates continue to rise, it will be crucial to monitor how these factors interact to shape the future of housing in Rio Vista.
