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Zip Code 76472: Santo's Rising Home Values Amid Shifting Ownership Trends
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
Santo, located in zip code 76472 in Texas, is a small community that has experienced fluctuating trends in homeownership and housing prices over the past decade. The area has seen a general decline in homeownership rates, coupled with varying average home and rent prices.
The homeownership rate in Santo has shown a gradual decline from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 94%, which decreased to 86% by 2022. This trend coincides with changes in average home prices, although specific data is only available for recent years. In 2022, the average home price in the area was $335,577, indicating a relatively affordable housing market compared to many urban areas.
The relationship between federal interest rates and homeownership rates in Santo appears to follow the general trend observed nationally. As interest rates remained low from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates experienced only a slight overall decline. However, the sharp increase in interest rates to 1.68% in 2022 coincided with a slight uptick in homeownership from 85% in 2021 to 86% in 2022, possibly due to residents securing mortgages before further rate increases.
Renter percentages in Santo have shown an inverse relationship to homeownership rates, increasing from 6% in 2013 to 14% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,093, peaking at $1,097 in 2015 before declining to $887 in 2022. This decrease in rent prices, despite an increase in the renter population, could be attributed to various factors such as increased housing supply or economic conditions affecting the local rental market.
Looking at the most recent data, average home prices in Santo continued to rise, reaching $347,880 in 2023 and $355,774 in 2024. This represents a 6% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued modest increase in average home prices in Santo. Based on the recent growth rate, average home prices could potentially reach around $380,000 to $400,000 by 2029. For rent prices, the trend is less clear due to recent fluctuations. However, if the local economy remains stable, we might see a gradual increase in average rent prices, potentially reaching $950 to $1,000 per month by 2029.
In summary, Santo has experienced a gradual shift towards more renters over the past decade, although homeownership rates remain high. Average home prices have shown recent growth, while rent prices have fluctuated. The interplay between rising home prices and increasing interest rates will likely be a key factor in shaping the local housing market in the coming years.
