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Zip Code 79098: Rising Home Values and Fluctuating Ownership Rates in Wildorado, Texas
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 79098, located in Wildorado, Texas, presents an intriguing case study of housing market dynamics in a small rural community. Over the past decade, this area has experienced fluctuations in homeownership rates and average rent prices, reflecting broader economic trends and local factors.
The homeownership rate in zip code 79098 has shown notable variability from 2013 to 2022. In 2013, the ownership rate stood at 76%, reaching its peak of 79% in 2015. However, it experienced a significant drop to 67% in 2017, before recovering to 76% by 2022. This fluctuation suggests a dynamic housing market responsive to various economic factors. The trends in homeownership rates provide insights into the local real estate market's health.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2022 was characterized by historically low interest rates, ranging from 0.11% in 2013 to 1.68% in 2022. These low rates generally support higher homeownership rates by making mortgages more affordable. The slight dip in homeownership to 67% in 2017 coincided with a rise in federal interest rates to 1%, potentially indicating a temporary impact on home buying decisions.
Rental market trends in zip code 79098 have shown interesting patterns. The percentage of renters fluctuated inversely to homeownership rates, ranging from a low of 21% in 2015 to a high of 33% in 2017. Average rent prices have shown significant variability. In 2013, the average rent was $996, peaking at $1,341 in 2014. By 2022, the average rent had stabilized at $1,104. These fluctuations in rent prices and renter percentages suggest a responsive rental market, potentially influenced by changes in local economic conditions and housing availability.
As of 2023 and 2024, we observe significant developments in the housing market of zip code 79098. The average home price in 2023 was $254,312, increasing to $278,449 in 2024, representing a substantial 9.5% year-over-year increase. This rise in home prices coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates, while potentially dampening home buying activity, have not prevented a significant appreciation in home values in this area.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Home prices are projected to increase by approximately 5-7% annually, potentially reaching around $350,000 by 2029. Average rent prices are expected to rise more modestly, at about 3-4% per year, potentially reaching $1,300 by 2029. These projections assume continued economic growth and stable local conditions.
In summary, zip code 79098 demonstrates a resilient and dynamic housing market. The area has maintained relatively high homeownership rates despite fluctuations, with recent data showing strong home price appreciation. The rental market has shown adaptability, with rent prices adjusting to market conditions. The interplay between federal interest rates, homeownership rates, and housing prices underscores the complex factors influencing this local real estate market. As the area continues to evolve, these trends will likely shape the future of housing in this Texas community.
