Loading Content...
Zip Code 75756: Analyzing Home Values and Ownership Trends in Brownsboro, Texas
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 75756, located in Brownsboro, Texas, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have fluctuated. The average rent prices have shown variability, with significant changes in recent years.
The homeownership rate in zip code 75756 peaked at 85% in 2017 before experiencing a gradual decline. This trend coincided with a steady increase in average home prices, rising from $128,366 in 2010 to $272,908 in 2022, representing a 112.6% increase over 12 years. Notably, the most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $196,718 to $238,222, a 21.1% rise. Despite the rising home prices, the homeownership rate decreased from 85% in 2017 to 73% in 2022, suggesting that affordability may have become a challenge for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period of historically low interest rates from 2010 to 2021, ranging from 0.08% to 0.4%, coincided with the highest homeownership rates in zip code 75756. For instance, when interest rates were at 0.1% in 2011, the homeownership rate was 82%. As interest rates began to rise more substantially in 2022 to 1.68%, the homeownership rate dropped to 73%, indicating a potential correlation between higher interest rates and decreased homeownership.
The renter population in zip code 75756 has shown an inverse relationship to homeownership rates, increasing from 15% in 2017 to 27% in 2022. Average rent prices have fluctuated considerably during this period. In 2013, the average rent was $764, rising to a peak of $1,056 in 2017. However, there was a sharp decline to $731 in 2019, followed by an increase to $882 in 2021. The most recent data shows average rent at $827 in 2022. These fluctuations in rent prices may be influenced by changes in local demand, housing supply, and overall economic conditions in the area.
Looking at the most recent data, the average home price in zip code 75756 reached $277,834 in 2023 and further increased to $278,365 in 2024. This represents a modest growth of 0.19% from 2023 to 2024, indicating a potential stabilization in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 75756 will continue to rise, albeit at a slower rate than observed in recent years. The average home price could potentially reach around $300,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $950 per month over the next five years. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 75756 has experienced a significant increase in average home prices over the past decade, coupled with a recent decline in homeownership rates. The rental market has shown volatility in both occupancy rates and average rent prices. The interplay between federal interest rates, housing affordability, and local economic factors will likely continue to shape the real estate landscape in this area, with a trend towards more moderate growth in both home prices and rent in the coming years.
