79024, Darrouzett, TX

Darrouzett, TX is located in Harris County and has a population of approximately 5,000. The median household income in Darrouzett is $59,000 and the median home value is $191,500. Home equity in Darrouzett has increased by 116% since 2007 and home prices have increased by 131%.

The 79024 zip code has seen an increase in home equity due to strong job growth and low interest rates. In 2007, the median home value was $130,000. By 2016, the median home value had increased to $191,500. This increase can be attributed to strong job growth (the unemployment rate in Harris County was 3% as of May 2017) and low interest rates (the Federal Reserve Bank of Dallas kept its benchmark interest rate at 0.00% for 95 consecutive months). Low interest rates make it more affordable for people to borrow money to purchase a house or to refinance their current mortgage.

Another factor that has contributed to the increase in home values in Darrouzett is the availability of creditworthy borrowers. Many people who live in Darrouzett are able to qualify for a mortgage because they have good credit scores or they are able to get a loan through a family member or friend. This availability of credit makes it easier for people to buy a house and also helps keep prices high because there is competition among buyers for homes that are available on the market.

Despite these positive trends, there are some risks associated with buying a house in Darrouzett. One risk is that if the economy takes a downturn or interest rates rise significantly, homeowners could find themselves struggling to pay their mortgages or property taxes bills. Another risk is that if someone wants to sell their house quickly (for example, if they are moving out of state), they may be able to do so but they may not receive as much money for their house as they would if it were sold slowly over time through regular listings on MLS (Multiple Listing Service).