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Zip Code 75098: Rising Home Values and Shifting Ownership in Wylie, Texas
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 75098, located in Wylie, Texas, has experienced significant growth and dynamic 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 homeownership rate in zip code 75098 has shown a gradual decline from 2013 to 2022. In 2013, the area boasted a high homeownership rate of 86%, which decreased to 79% by 2022. This 7% drop coincided with a dramatic increase in average home prices. In 2013, the average home price was $178,376, which more than doubled to $439,063 by 2022, representing a 146% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in homeownership trends in zip code 75098. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 85%. However, as interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), the homeownership rate declined to 81%. The sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) did not immediately reverse this trend, possibly due to economic uncertainties during the pandemic.
The renter population in zip code 75098 has grown significantly, increasing from 13% in 2013 to 21% in 2022. This growth in renters coincided with fluctuations in average rent prices. The average rent rose from $1,648 in 2013 to a peak of $1,736 in 2021, before slightly decreasing to $1,643 in 2022. The population of the zip code also increased substantially during this period, from 50,670 in 2013 to 68,070 in 2022, potentially contributing to the increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 75098 continued to evolve. The average home price increased slightly to $441,378 in 2023 and further to $444,696 in 2024. This represents a more modest growth rate compared to previous years, possibly influenced by the sharp rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in zip code 75098 may continue to rise, but at a more moderate pace. Over the next five years, average home prices could potentially reach around $500,000, assuming current economic conditions persist. Average rent prices are also expected to increase, potentially reaching $1,800-$1,900 per month in the same timeframe, driven by population growth and demand for housing in the area.
In summary, zip code 75098 has witnessed a gradual shift from a predominantly homeowner market to one with an increasing renter population. This change has occurred alongside substantial increases in average home prices and moderate growth in average rent prices. The interplay between federal interest rates, population growth, and housing affordability continues to shape the local real estate landscape, with expectations of continued, albeit more moderate, growth in both home prices and rents in the coming years.
