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Zip Code 76453: Gordon's Rising Home Values and Ownership Rates Amid Market Fluctuations
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 76453, located in Gordon, Texas, presents an intriguing case study of homeownership and housing market trends. This rural area has seen significant fluctuations in its population and housing dynamics over the past decade. The overall trend shows a strong preference for homeownership, with average home prices steadily increasing and average rent prices experiencing moderate growth.
The ownership percentage in zip code 76453 has remained consistently high, ranging from 85% to 90% between 2013 and 2022. This strong preference for homeownership coincides with a substantial increase in average home prices. In 2010, the average home price was $134,676, which grew steadily to reach $332,675 by 2022, representing a remarkable 147% increase over 12 years. This trend suggests a robust demand for housing in the area, despite its relatively small population.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 76453. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates remained high, likely due to the increased affordability of mortgages. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased slightly from 85% in 2019 to 89% in 2022, indicating a strong local preference for owning homes regardless of interest rate fluctuations.
Renter percentages in zip code 76453 have remained relatively low, fluctuating between 10% and 15% from 2013 to 2022. Average rent prices have shown moderate growth, increasing from $769 in 2013 to $853 in 2022, a 10.9% rise over nine years. This modest increase in rent prices, combined with the area's growing population (from 996 in 2013 to 1,232 in 2022), suggests a stable rental market that has not experienced the same level of growth as the homeownership sector.
In 2023 and 2024, the housing market in zip code 76453 experienced a slight cooling. The average home price decreased from $332,675 in 2022 to $327,900 in 2023, and further to $321,626 in 2024, representing a 3.3% decline over two years. This cooling coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and demand.
Looking ahead, predictive models suggest that average home prices in zip code 76453 may continue to experience a slight downward trend over the next five years, potentially stabilizing around $310,000 by 2029. Average rent prices, however, are forecasted to maintain a steady upward trajectory, potentially reaching around $900 per month by 2029. These projections are based on current trends and economic indicators.
In summary, zip code 76453 demonstrates a strong preference for homeownership, with average home prices showing significant growth over the past decade despite recent cooling. The rental market remains stable but secondary to the homeownership market. The area's resilience in maintaining high homeownership rates, even in the face of rising interest rates, suggests a deeply rooted cultural preference for owning property in this Texas community.
