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Zip Code 76137: Rising Home Values and Shifting Ownership Trends in Fort Worth
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 76137, located in Fort Worth, Texas, has experienced significant changes in its housing market over the past decade. This area has seen shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 76137 has shown a gradual decline from 2013 to 2022. In 2013, the percentage of owner-occupied homes stood at 62%, maintaining this level until 2020. However, by 2022, this figure had decreased to 59%. Simultaneously, average home prices in the area have seen a substantial increase. In 2013, the average home price was $131,241, which more than doubled to $333,603 by 2022. This inverse relationship suggests that rising home prices may have contributed to the decline in homeownership rates, potentially pricing out some potential buyers.
Federal interest rates have played a role in shaping homeownership trends in zip code 76137. For instance, the period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%. During this time, homeownership rates remained stable at 62%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The percentage of renters in zip code 76137 has increased from 37% in 2013 to 41% in 2022, mirroring the decline in homeownership. Average rent prices have also risen during this period, from $1,402 in 2013 to $1,537 in 2022. This increase in both renter percentage and average rent prices could be attributed to various factors, including the rising population in the area (from 53,524 in 2013 to 58,139 in 2022) and the increasing difficulty for some residents to afford home purchases.
In 2023 and 2024, average home prices in zip code 76137 have stabilized, with slight fluctuations. The average home price in 2023 was $333,658, showing a marginal increase from 2022. However, in 2024, there was a slight decrease to $332,821. This stabilization occurs against a backdrop of significantly higher interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home price growth in the area.
Looking ahead, based on current trends, we can project that average home prices in zip code 76137 may continue to stabilize or experience modest growth over the next five years. The recent plateau in prices suggests a potential market correction after the rapid increases seen in previous years. Average rent prices are likely to continue rising moderately, driven by the increasing renter population and ongoing demand for rental properties in the area.
In summary, zip code 76137 has experienced a shift towards renting, with homeownership rates declining as average home prices have more than doubled since 2013. The interplay between rising home prices, increasing interest rates, and growing population has reshaped the local housing market. The recent stabilization of home prices, coupled with high interest rates, indicates a potential new phase in the area's real estate landscape, which will likely influence both homeownership and rental trends in the coming years.
