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Zip Code 75057: Lewisville's Rising Home Values and Ownership Trends
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
Zip code 75057, located in Lewisville, Texas, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices. The ownership percentage in zip code 75057 has shown a gradual increase from 33% in 2013 to 38% in 2022. During this same period, average home prices have risen dramatically. In 2013, the average home price was $124,687, and by 2022, it had more than doubled to $314,785, representing a 152% increase over nine years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.40%, which coincided with a slight increase in homeownership from 33% to 35%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), homeownership continued to increase, reaching 38% by 2019. This trend indicates that despite rising interest rates, other factors such as local economic growth and housing demand may have contributed to the increased homeownership in the area.
The renter percentage in zip code 75057 has correspondingly decreased from 67% in 2013 to 62% in 2022. During this period, average rent prices have steadily increased. In 2013, the average rent was $1,092, and by 2022, it had risen to $1,225, an increase of 12.2% over nine years. The population growth from 13,615 in 2013 to 16,909 in 2022 likely contributed to the demand for rental properties, supporting the increase in rent prices despite the slight decrease in the percentage of renters.
In 2023 and 2024, the housing market in zip code 75057 continued to evolve. The average home price in 2023 reached $323,794, a 2.9% increase from 2022. In 2024, it further increased to $328,479, showing a slower growth rate of 1.4%. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project the following 5-year trends for zip code 75057: 1. Average home prices are likely to continue increasing, albeit at a slower rate due to higher interest rates. We might expect prices to reach around $360,000 to $380,000 by 2029. 2. Average rent prices may also continue to rise, potentially reaching $1,400 to $1,500 per month by 2029, driven by population growth and housing demand. 3. Homeownership rates might stabilize or slightly decrease due to higher interest rates, potentially settling around 35-37% in the next five years.
In summary, zip code 75057 has experienced significant growth in both home values and rent prices over the past decade. The area has seen a gradual increase in homeownership, despite rising home prices and recent increases in interest rates. The interplay between population growth, economic factors, and housing market dynamics will continue to shape the future of this Lewisville zip code.
