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Zip Code 76631: Average Home Values and Ownership Trends in Rural 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 76631, located in Bynum, Texas, showcases an interesting blend of rural charm and evolving demographics. This area has experienced fluctuations in homeownership rates and average home prices over the years, with a general trend towards increased renter occupancy and rising average rent prices. The homeownership rate in zip code 76631 has shown a gradual decline from 2013 to 2020, with a slight recovery in recent years. In 2013, the homeownership rate stood at 90%, decreasing to 81% by 2020, before rising to 87% in 2022. This trend coincides with changes in average home prices, which have shown significant growth. The average home price in 2022 was $218,701, indicating a robust housing market in the area.
Federal interest rates have played a role in homeownership trends in zip code 76631. During periods of lower interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership remained relatively stable at around 90%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a corresponding decrease in homeownership rates, dropping to 85% that year. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in zip code 76631 has shown an overall increase from 2013 to 2022, rising from 10% to 13%. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $540, which increased to a peak of $757 in 2015. Subsequently, average rent prices experienced some volatility, reaching $675 in 2022. The population of the zip code has also fluctuated during this period, from 708 in 2013 to 660 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, zip code 76631 experienced interesting developments in the housing market. The average home price decreased from $218,701 in 2022 to $206,706 in 2023, before rebounding to $213,160 in 2024. This coincided with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates likely contributed to the initial dip in home prices before the market adjusted.
Looking ahead, predictive models suggest that average home prices in zip code 76631 may continue to rise moderately over the next five years, potentially reaching around $230,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $750 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 76631 has demonstrated a complex interplay between homeownership rates, average home prices, and rental market dynamics. The area has shown resilience in its housing market, with recent years indicating a trend towards increased homeownership and rising property values. The influence of federal interest rates on these trends has been notable, particularly in recent years with significant rate increases. As the community continues to evolve, it will be interesting to observe how these housing market trends develop in response to broader economic factors and local demographic changes.
