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Zip Code 79762: Steady Homeownership Amidst Rising Home Values in Odessa, 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 79762, located in Odessa, Texas, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its local economy and population growth.
The homeownership rate in zip code 79762 has remained relatively stable, with slight fluctuations between 61% and 64% from 2013 to 2022. Meanwhile, average home prices have shown a substantial upward trend. In 2010, the average home price was $112,023, which steadily increased to $216,385 by 2022, representing a 93% increase over 12 years. This trend suggests that while homeownership rates remained relatively constant, the value of homes in the area appreciated significantly.
Federal interest rates have played a role in shaping homeownership trends in zip code 79762. From 2010 to 2016, interest rates remained historically low, ranging from 0.1% to 0.4%. During this period, homeownership rates in the zip code were at their highest, reaching 64% in 2013 and 2016. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership rates, settling at 61% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 79762 have shown a slight increase over time, moving from 36% in 2013 to 39% in 2022. Correspondingly, average rent prices have also risen, albeit at a slower pace compared to home prices. In 2013, the average rent was $1,140, which increased to $1,229 by 2022, representing a 7.8% increase over nine years. The population in the zip code grew from 35,348 in 2010 to 37,209 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 79762 reached $220,705 in 2023 and further increased to $231,280 in 2024. This represents a steady upward trajectory in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 79762 will continue to rise, albeit at a more moderate pace. Given the historical trend and recent data, we project average home prices could reach approximately $260,000 to $280,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $1,400 to $1,500 per month by 2029, assuming similar growth patterns persist.
In summary, zip code 79762 has demonstrated resilience in its housing market, with stable homeownership rates despite significant increases in average home prices. The area has experienced moderate population growth and a slight shift towards renting, with rent prices rising more modestly compared to home values. The recent uptick in interest rates may influence future homebuying trends, potentially favoring the rental market. Overall, the housing market in this Odessa zip code appears robust, with continued growth expected in both home values and rent prices over the next five years.
