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Rising Home Values in Horizon City, Texas: A Decade of Growth and Stability
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
Horizon City, Texas, a rapidly growing community in El Paso County, has experienced significant population growth over the past decade, with a strong trend towards homeownership. The city has maintained a consistently high percentage of owner-occupied homes, while average home prices and average rent have shown steady increases over time.
Homeownership rates in Horizon City have remained remarkably stable, hovering around 85-88% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $116,017, which increased to $182,933 by 2022, representing a 57.7% increase over nine years. This steady rise in home values, coupled with the high homeownership rate, suggests a strong and stable housing market in Horizon City.
The relationship between federal interest rates and homeownership rates in Horizon City appears to have had minimal impact on the overall trend. Despite fluctuations in federal interest rates, from a low of 0.08% in 2021 to 1.68% in 2022, the homeownership rate remained relatively constant, even showing a slight increase from 86% in 2021 to 88% in 2022. This stability in homeownership rates, regardless of interest rate changes, indicates other factors such as local economic conditions and housing supply may have a more significant influence on Horizon City's housing market.
Renter percentages in Horizon City have remained relatively low, ranging from 12% to 14% between 2013 and 2022. Average rent prices have shown some fluctuation but generally trended upward. In 2013, the average rent was $991, which increased to $1,000 by 2022, representing a modest 0.9% increase over nine years. The stability in renter percentages, coupled with the moderate increase in average rent prices, suggests a balanced rental market that has kept pace with the city's growth.
In 2023 and 2024, Horizon City's housing market continued its upward trajectory. The average home price in 2023 reached $198,245, a significant 8.4% increase from 2022. This growth continued into 2024, with average home prices rising to $206,586, representing a further 4.2% increase. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years. Despite these higher interest rates, the housing market in Horizon City has demonstrated resilience and continued growth.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both average home prices and average rent in Horizon City over the next five years. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $275,000 by 2029. Average rent prices are expected to rise more moderately, at about 2-3% per year, potentially reaching around $1,150 by 2029.
In summary, Horizon City's housing market is characterized by high homeownership rates, steadily increasing average home prices, and a stable rental market. The city has shown resilience to changes in federal interest rates, maintaining strong homeownership levels even as rates have fluctuated. With continued population growth and a robust housing market, Horizon City is poised for further expansion and development in the coming years.
