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Zip Code 75167: Waxahachie's Soaring Home Values and Ownership Rates
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 75167, located in Waxahachie, Texas, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a strong trend towards homeownership, with average home prices steadily increasing and rental markets fluctuating.
The homeownership rate in zip code 75167 has shown a notable upward trend, increasing from 84% in 2013 to 88% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $190,307, which grew dramatically to $457,146 by 2022, representing a 140% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership in the zip code increased from 84% to 87%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise from 2017 onwards, homeownership in this zip code continued to increase, reaching 88% by 2022, indicating other factors were also influencing the local housing market.
The rental market in zip code 75167 has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 16% in 2013 to 12% in 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $1,392, which decreased to $1,117 in 2018, before rising again to $1,419 in 2022. This fluctuation in rent prices, coupled with the decreasing percentage of renters, suggests that the area may be becoming less attractive or affordable for renters, possibly due to the strong housing market and increasing property values.
In 2023 and 2024, the housing market in zip code 75167 continued to show strength. The average home price reached $464,163 in 2023 and further increased to $475,754 in 2024. This represents a 4% increase from 2022 to 2024, indicating a continued upward trend in property values. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 75167 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $525,000 to $550,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,600 to $1,700 per month by 2029, as the rental market adjusts to the increasing property values and potential shifts in housing demand.
In summary, zip code 75167 has demonstrated a strong trend towards homeownership, with significantly increasing average home prices over the past decade. The rental market has shrunk in terms of occupancy, while average rent prices have fluctuated but shown an overall increase. These trends, combined with the recent rise in interest rates, suggest a dynamic and evolving housing market in this area of Waxahachie, Texas.
