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Zip Code 77359: Fluctuating Home Values and High Ownership Rates 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 77359, located in Oakhurst, Texas, is a small community covering 32.05 square miles. This area has experienced fluctuating homeownership rates and population changes over the past decade, with recent trends showing a slight decrease in owner-occupied housing and an increase in average home prices.
The homeownership rate in zip code 77359 has shown some variability but maintained a generally high level. In 2013, the owner-occupied percentage was 70%, which increased significantly to 95% by 2018. However, there has been a gradual decline since then, with the rate dropping to 77% in 2022. This trend coincides with changes in average home prices, which have seen notable increases in recent years. The average home price in 2021 was $241,598, rising to $268,271 in 2022, representing an 11% increase in just one year.
Federal interest rates have played a role in homeownership trends in the area. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 0.4%, which likely contributed to the high homeownership rates observed during this time. As interest rates began to rise in 2022 to 1.68%, we see a corresponding decrease in the homeownership rate from 85% in 2020 to 77% in 2022.
The renter percentage in zip code 77359 has inversely mirrored the homeownership trend. Starting at 29% in 2013, it decreased to a low of 5% in 2018 before gradually increasing to 22% in 2022. The increase in renter percentages from 2018 to 2022 suggests a potential increase in rental demand, which could put upward pressure on rent prices.
Looking at the most recent data for 2023 and 2024, we see some interesting developments. The average home price in 2023 was $239,391, showing a decrease from the 2022 price. This downward trend continued into 2024, with the average home price further dropping to $213,589. Interestingly, this price decrease occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests that other local factors may be influencing home prices in the area, potentially overriding the typical relationship between interest rates and housing costs.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 77359 to continue fluctuating. If the current downward trend persists, we might see average home prices stabilize or potentially decrease further in the next few years. However, given the area's history of price volatility, there's also a possibility of a rebound in prices, especially if local economic conditions improve or if there's an increase in demand for housing in the area.
In summary, zip code 77359 has experienced significant changes in homeownership rates and average home prices over the past decade. The area has maintained a high rate of homeownership despite recent decreases, and average home prices have shown volatility. The most recent data indicates a downward trend in home prices, occurring alongside rising interest rates. These trends suggest a complex interplay of local and national factors influencing the housing market in this Texas community.
