Loading Content...
Average Home Values and Ownership in Zip Code 93272: A Decade of Rural California Housing Trends
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 93272, encompassing Tipton in California, has experienced significant changes in its housing market over the past decade. This rural area has seen fluctuations in homeownership rates, alongside notable increases in both average home prices and average rent prices.
The homeownership rate in zip code 93272 has shown volatility between 2013 and 2022. In 2013, the ownership rate stood at 37%, rising to a peak of 43% in 2019 before declining to 35% in 2022. During this period, average home prices demonstrated a steady upward trend. In 2013, the average home price was $93,500, which more than doubled to $251,756 by 2022. This substantial increase in home values, coupled with the fluctuating ownership rates, suggests that rising prices may have made homeownership less accessible for some residents.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate in zip code 93272 remained relatively stable, hovering around 35%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the area saw an increase in homeownership, reaching 43% in 2019. This counterintuitive trend might be attributed to other local economic factors or a rush to purchase homes before rates increased further.
Renter percentages in zip code 93272 have generally mirrored the inverse of homeownership rates, ranging from a low of 57% in 2019 to a high of 68% in 2021. Average rent prices have shown a consistent upward trend, increasing from $851 in 2013 to $1,210 in 2022, representing a 42% rise over this period. The population growth from 3,160 in 2013 to 4,097 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 93272 continued to evolve. The average home price in 2023 was $252,588, showing a slight increase from 2022. In 2024, the average home price further rose to $258,605. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 93272 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the area's high proportion of renters. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, zip code 93272 has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. The area has seen substantial growth in property values and rent costs, while homeownership rates have fluctuated. The recent sharp increase in interest rates, combined with rising home prices, may present challenges for potential homebuyers in the coming years, potentially leading to a continued strong rental market in this California community.
