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Zip Code 76020: Rising Home Values and Ownership in Briar, 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 76020, located in Briar, Texas, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates and average home prices, coupled with fluctuations in average rent prices and renter percentages.
The homeownership rate in zip code 76020 has shown a steady upward trend, increasing from 74% in 2013 to 80% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $140,255, which more than doubled to $335,264 by 2022. This represents a remarkable 139% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite rising costs, more residents in this area are choosing to become homeowners.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 76020. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 74-75%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates surprisingly continued to increase, reaching 80% by 2022. This trend suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership rates in this area than national interest rates.
The renter percentage in zip code 76020 has shown a corresponding decrease from 25% in 2013 to 20% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $956, which decreased to $903 in 2019 before rising again to $992 in 2022. Despite these fluctuations, the overall trend shows a slight increase in average rent prices. The population of the area has also grown significantly, from 26,567 in 2013 to 32,474 in 2022, which may have contributed to the upward pressure on both home prices and rents.
Looking at the most recent data, the average home price in zip code 76020 slightly decreased from $335,264 in 2022 to $330,890 in 2023, before showing a small uptick to $332,496 in 2024. This recent stabilization in home prices coincides with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on the rapid home price appreciation seen in previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 76020 will continue to rise, but at a more moderate pace compared to the rapid growth seen in the past decade. Average rent prices are expected to follow a similar trajectory, with gradual increases over the next five years. However, these predictions are subject to various economic factors and local market conditions.
In summary, zip code 76020 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. Despite rising costs, the area has seen a growing population and a trend towards owner-occupied housing. The recent stabilization in home prices, coupled with higher interest rates, suggests a potential cooling of the market, but long-term trends still point towards growth in both home values and rent prices.
