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Average Home Values and Ownership in Zip Code 93648: Parlier's Housing Resurgence
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 93648, located in Parlier, California, 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 broader economic trends and local market dynamics. The homeownership rate in zip code 93648 has shown a notable decline from 2013 to 2019, followed by a recovery in recent years. In 2013, 47% of housing units were owner-occupied. This percentage decreased to 41% by 2019, representing a significant shift towards renting. However, the trend reversed, with homeownership rising to 49% by 2022. This change coincides with substantial growth in average home prices. In 2013, the average home price was $109,600, which more than doubled to $284,391 by 2022, indicating a robust 159% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained steady at 47%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates initially dropped to 44%. Interestingly, despite further increases in interest rates, homeownership rebounded to 49% by 2022, suggesting other local factors may have influenced this trend.
Renter percentages in zip code 93648 have shown an inverse relationship to homeownership rates, naturally. The proportion of renters increased from 53% in 2013 to a peak of 59% in 2019, before decreasing to 51% in 2022. Average rent prices have generally trended upwards during this period, albeit with some fluctuations. In 2013, the average rent was $930, which rose to $972 by 2021, representing a 4.5% increase. However, there was a slight decrease to $961 in 2022. The population growth from 14,682 in 2013 to 14,609 in 2022 may have contributed to the overall demand for rental properties.
In 2023 and 2024, the housing market in zip code 93648 continued to evolve. The average home price increased to $287,905 in 2023 and further to $297,417 in 2024, representing a 3.3% year-over-year increase. This growth occurred despite the sharp rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 93648 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate values in the area.
In summary, zip code 93648 has experienced a significant increase in average home prices, a recent rebound in homeownership rates, and moderate growth in average rent prices. The interplay between these factors, along with changing interest rates and population dynamics, has shaped the local housing market. As the area continues to evolve, these trends will likely influence future housing affordability and accessibility for both homeowners and renters in Parlier.
