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Zip Code 75422: Rising Home Values and Shifting Ownership in Campbell, 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 75422, located in Campbell, Texas, presents an intriguing case study of housing trends over the past decade. This area has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 75422 has shown a gradual decline over the years, while average home prices have consistently increased. In 2013, the homeownership rate stood at 83%, with an average home price of $133,713. By 2022, the homeownership rate had decreased to 79%, while the average home price had surged to $348,369, representing a significant 160% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 82-83%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined to 79%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in zip code 75422 has shown interesting trends as well. The percentage of renters increased from 17% in 2013 to 21% in 2022. During this period, average rent prices fluctuated, starting at $925 in 2013, dropping to a low of $824 in 2019, and then rising sharply to $984 in 2022. The population growth from 2,560 in 2013 to 3,109 in 2022 may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 75422 continued to rise, reaching $355,244 in 2023 and $364,589 in 2024. This represents a 4.7% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 75422 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $425,000 to $450,000. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming continued population growth and demand for rental properties.
In summary, zip code 75422 has experienced a gradual shift towards more renters and fewer homeowners over the past decade, likely driven by rising home prices and fluctuating interest rates. The substantial increase in average home prices, coupled with recent spikes in interest rates, may continue to challenge affordability for potential homebuyers. Meanwhile, the rental market is expected to see steady growth in both demand and prices. These trends reflect the dynamic nature of the local housing market and its responsiveness to broader economic factors.
