76207, Denton, TX

The 76207 zip code of Denton, TX has a population of around 114,000 people. The median household income in this zip code is $50,000 which is lower than the national median household income of $53,046. The homeownership rate in this zip code is just over 63% which is lower than the national homeownership rate of 68%. The percentage of homes that are valued at less than $100,000 is high in this zip code at almost 30%. This indicates that there are a lot of homes that are worth less than what most people would consider to be a reasonable home value.

One reason why there may be so many homes that are worth less than what most people would consider to be a reasonable home value could be because the housing market in Denton has been slow to recover from the recession. In fact, according to Zillow, the median home value in Denton has only recovered about 60% from its 2009 low point. This means that there are still a lot of homes available for sale in the 76207 zip code and therefore it may not take as long for prices to increase as it would if there were more demand for homes. Additionally, many people who have lost their jobs or who have had their wages reduced may not feel comfortable putting down a large down payment on a home and may instead choose to live rent-free or buy an inexpensive home with little equity.

Despite these factors, there are some signs that prices might start to increase more rapidly in the 76207 zip code over time. For example, according to Trulia, the average price per square foot has increased by almost 10% since 2016 which could indicate that more people are starting to become interested in buying homes in this area. Additionally, Zillow reports that mortgage rates have decreased by about 0.5% over the past year which could lead some buyers into purchasing homes sooner rather than later despite having less money available for them to put down on their purchase.