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Wilson, Texas: Homeownership Stability Amidst Price Fluctuations
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
Wilson, Texas, is a small urban area with a population that has fluctuated over the past decade, reaching 835 residents in 2022. This tight-knit community has experienced interesting shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Wilson has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 76%, which decreased slightly to 71% in 2019 before rebounding to 74% in 2022. This overall stability in homeownership occurred despite significant changes in average home prices. From 2019 to 2022, average home prices in Wilson increased substantially, rising from $191,124 to $248,952, representing a 30.3% increase over just three years.
The relationship between federal interest rates and homeownership rates in Wilson does not show a clear correlation during this period. While interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.68%, the homeownership rate experienced minor fluctuations rather than a consistent upward trend. This suggests that local factors may have played a more significant role in homeownership decisions than national interest rates alone.
Renter percentages in Wilson have mirrored the homeownership trends, with slight variations. The percentage of renters increased from 24% in 2013 to 29% in 2018, before settling at 26% in 2022. Average rent prices have shown an overall upward trend, rising from $800 in 2013 to $862 in 2022, an increase of 7.75%. Interestingly, there was a period of decline in average rent prices between 2013 and 2015, dropping to $685, before steadily increasing again. This trend in rent prices does not directly correlate with the city's population changes, suggesting other factors influencing the rental market.
In 2023 and 2024, Wilson experienced a notable shift in average home prices. After reaching a peak of $248,952 in 2022, average home prices decreased to $226,068 in 2023 and further to $218,520 in 2024. This represents a 12.2% decline over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which likely contributed to the cooling of the housing market.
Looking ahead, based on recent trends and current economic conditions, we can project that average home prices in Wilson may continue to experience moderate downward pressure in the short term. However, if interest rates stabilize or decrease, we could see a gradual recovery in home prices over the next 3-5 years. Rent prices, which have shown more stability, are likely to continue their gradual upward trend, potentially reaching an average of around $900-$950 by 2029.
In summary, Wilson has maintained a relatively stable homeownership rate despite significant fluctuations in home prices and economic conditions. The recent decline in home prices, coupled with rising interest rates, marks a notable shift in the local housing market. While renter percentages have remained fairly consistent, rent prices have shown a general upward trend. These trends reflect the complex interplay of local and national economic factors shaping Wilson's housing landscape.
