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Zip Code 75103: Rising Home Values and Stable Ownership in Canton, 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 75103, located in Canton, Texas, has experienced significant demographic and housing market changes over the past decade. This area, covering 201.2 square miles, has seen a steady increase in population and notable shifts in homeownership rates and housing prices.
The homeownership rate in zip code 75103 has remained relatively stable, with a slight increase from 80% in 2013 to 81% in 2022. This high rate of homeownership has persisted despite fluctuations in average home prices. In 2013, the average home price was $139,685, which steadily increased to $301,746 by 2022, representing a substantial 116% increase over this period. This trend suggests a strong local housing market and continued demand for homeownership, even as prices rose significantly.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained very low, hovering around 0.1-0.4%. During this period, homeownership rates in zip code 75103 remained stable at around 79-80%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 83%. This could be attributed to people rushing to buy homes before rates increased further. The drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a maintained high homeownership rate of 83%.
Renter percentages in zip code 75103 have shown a slight decline, from 22% in 2014 to 19% in 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $1,028, which increased to $1,143 in 2018, before dropping to $977 in 2022. This decrease in average rent, coupled with a slight decrease in the percentage of renters, could indicate a shift towards homeownership or changes in the local rental market dynamics. The population growth from 13,477 in 2013 to 15,075 in 2022 may have influenced these trends, potentially creating more demand for housing overall.
In 2023 and 2024, the housing market in zip code 75103 showed signs of stabilization. The average home price in 2023 was $298,263, a slight decrease from 2022, but it rebounded to $302,117 in 2024. This represents a modest 1.3% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homebuying trends in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 75103. Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $330,000-$350,000 by 2029. For average rent prices, the trend is less clear due to recent fluctuations. However, if the area continues to grow and demand for housing remains strong, we could see average rents stabilize and potentially increase to around $1,100-$1,200 per month by 2029.
In summary, zip code 75103 has maintained a high rate of homeownership despite significant increases in average home prices. The area has shown resilience in its housing market, with a growing population and relatively stable rental market. The interplay between federal interest rates, home prices, and homeownership rates highlights the complex dynamics at play in this local real estate market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing landscape.
