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Zip Code 76028: Home Values Soar as Ownership Remains Steady in Burleson, 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 76028, located in Burleson, Texas, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population, rising from 55,941 in 2010 to 75,499 in 2022, indicating a growing demand for housing in the region.
The homeownership rate in zip code 76028 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 79%, and by 2022, it had slightly decreased to 75%. Despite this minor decline, the area maintains a strong majority of owner-occupied housing units.
Average home prices in the zip code have shown a substantial upward trend. In 2010, the average home price was $141,577, and by 2022, it had risen dramatically to $345,075, representing a 143.7% increase over 12 years. This significant appreciation in home values reflects the area's growing desirability and economic development.
The relationship between federal interest rates and homeownership rates in zip code 76028 follows the generally expected pattern. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was at its peak of 79%. As interest rates gradually increased in subsequent years, there was a slight downward trend in homeownership. However, the impact appears to be relatively modest in this area, as homeownership rates remained above 75% even as interest rates rose.
Renter percentages in zip code 76028 have shown a slight increase over time, rising from 21% in 2013 to 25% in 2022. This trend corresponds with the gradual increase in average rent prices. In 2013, the average rent was $1,287, and by 2022, it had risen to $1,392, an 8.2% increase. The growth in both renter percentages and rent prices may be attributed to the area's population growth and the increasing cost of homeownership, which could be pushing more residents towards renting.
As of 2024, the average home price in zip code 76028 stands at $344,952, showing a slight decrease from the 2022 peak of $345,075. This minor adjustment comes as federal interest rates have risen significantly, reaching 5.33% in 2024. The higher interest rates may be contributing to a stabilization in home prices after years of rapid growth.
Looking ahead, based on current trends and economic factors, we can expect the housing market in zip code 76028 to continue evolving. Average home prices are likely to maintain their high levels, potentially with moderate growth over the next five years. Rent prices are projected to follow a similar trajectory, with steady increases expected as the area's population continues to grow. The balance between homeownership and renting may shift slightly towards renting if home prices remain high and interest rates stay elevated, but the area is likely to maintain its strong homeownership base.
In summary, zip code 76028 has demonstrated robust growth in both population and housing values over the past decade. While homeownership rates have slightly declined, they remain strong. The area has seen significant appreciation in home values and moderate increases in rent prices. The coming years are likely to bring continued stability in the housing market, with potential for further growth in both home values and rent prices, shaped by population growth and broader economic factors.
