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Rising Home Values and Strong Ownership in Zip Code 76367: Iowa Park'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
Iowa Park, located in zip code 76367 in Texas, is a small community that has experienced notable changes in homeownership rates and property values over the past decade. This analysis explores the trends in owner-occupancy, average home prices, and average rent prices from 2013 to 2022, as well as the current market conditions in 2023 and 2024.
The homeownership rate in Iowa Park has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the owner-occupancy rate was 84%, and by 2022, it had increased slightly to 85%. During this period, average home prices in the area saw a significant upward trend. In 2013, the average home price was $94,708, which steadily increased to $169,128 by 2022, representing a substantial 78.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Iowa Park shows an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), the homeownership rate remained relatively stable. However, as interest rates began to rise from 2017 to 2019 (1% to 2.16%), the homeownership rate actually increased slightly from 82% in 2016 to 85% in 2017, then stabilized around 83-84% in the following years. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular market.
Renter percentages in Iowa Park have shown minor fluctuations between 2013 and 2022, ranging from 15% to 18% of the population. Interestingly, average rent prices have experienced a downward trend during this period. In 2013, the average rent was $1,153, which decreased to $950 by 2022, representing a 17.6% decline. This trend is unusual, as it contrasts with the rising home prices in the area. The decreasing rent prices could be attributed to various factors, such as an increase in housing supply or changes in local economic conditions.
Looking at the most recent data, the average home price in Iowa Park continued to rise in 2023, reaching $171,197. In 2024, it further increased to $175,031, showing a sustained upward trend in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and property values in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Iowa Park will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $200,000 by 2029. Rent prices, which have been declining, may stabilize or potentially increase slightly as homeownership becomes less affordable due to higher interest rates and home prices. Average rent could potentially return to around $1,000-$1,100 per month by 2029.
In summary, Iowa Park has experienced a significant increase in average home prices over the past decade, while maintaining a stable and high homeownership rate. The unusual trend of declining rent prices amidst rising home values presents an intriguing market dynamic. As interest rates continue to rise, it will be crucial to monitor how these factors impact homeownership rates, property values, and rental markets in this Texas community.
