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Zip Code 75230: Rising Home Values and Steady Ownership in Dallas
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 75230, located in Dallas, Texas, has experienced significant changes in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates, coupled with substantial increases in both average home prices and average rent prices. These trends reflect the evolving nature of the local housing market and provide insights into the area's economic development.
The homeownership rate in zip code 75230 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate was 60%, and it has hovered around this level, reaching 59% in 2022. During this same period, average home prices have shown a remarkable upward trend. In 2013, the average home price was $376,227, and by 2022, it had increased to $786,147, representing a 109% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), the homeownership rate remained steady at around 60%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 59%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 75230 have shown a slight increase over the years, from 39% in 2013 to 41% in 2022. This trend coincides with a steady rise in average rent prices. In 2013, the average rent was $1,357, and it increased to $1,434 by 2022, representing a 5.7% increase over nine years. The population in the zip code has also grown during this period, from 26,056 in 2013 to 26,321 in 2022, which may have contributed to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 75230 reached $828,752 in 2023 and further increased to $854,646 in 2024. This represents a significant 8.7% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 75230 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. It is projected that by 2029, average home prices could reach approximately $1,000,000. For average rent prices, a continued upward trend is expected, potentially reaching around $1,600 by 2029, assuming steady population growth and demand for rental properties.
In summary, zip code 75230 has demonstrated robust growth in its real estate market over the past decade. The area has maintained a relatively stable homeownership rate despite significant increases in average home prices. The rental market has also shown steady growth, with slight increases in both renter percentages and average rent prices. The recent sharp rise in interest rates may influence future homeownership trends, potentially favoring the rental market. As the area continues to evolve, these trends suggest a dynamic and valuable real estate market in this Dallas neighborhood.
