Loading Content...
Average Home Values and Ownership in Zip Code 95204: Resilience Amidst Market Fluctuations
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 95204, located in Stockton, California, has experienced notable shifts in homeownership rates and property values over the past decade. This area, covering 5.28 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local factors.
The homeownership rate in zip code 95204 has shown interesting variations from 2013 to 2022. In 2013, 56% of housing units were owner-occupied. This percentage decreased to 49% by 2017, indicating a shift towards renting. However, the trend reversed in subsequent years, with homeownership rising to 58% by 2022. This upward trend in homeownership coincided with significant increases in average home prices. From 2013 to 2022, average home prices in the area rose dramatically from $130,253 to $397,012, representing a 204.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) corresponded with a slight decline in homeownership rates from 56% to 51%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and then increased, reaching 53% by 2019. This trend suggests that other local factors, such as employment opportunities or housing supply, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages and average rent prices in zip code 95204 have also shown notable trends. The percentage of renters increased from 44% in 2013 to a peak of 51% in 2017, before declining to 42% by 2022. Average rent prices, however, did not consistently follow this pattern. In 2013, the average rent was $1,100, which decreased slightly to $1,061 by 2019, despite the increase in renter percentage. By 2022, as the renter percentage decreased, the average rent had risen to $1,092, suggesting a complex interplay between supply, demand, and other economic factors.
In 2023 and 2024, the housing market in zip code 95204 showed signs of stabilization after years of growth. The average home price in 2023 was $382,859, representing a slight decrease from the 2022 peak. In 2024, there was a small uptick to $388,155. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially influencing homebuying decisions and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices may experience moderate growth, possibly reaching around $425,000 by 2029, assuming a continuation of the recent stabilization trend. Average rent prices could see similar moderate increases, potentially rising to approximately $1,250 by 2029. These projections consider factors such as historical price movements, population changes, and the current economic climate.
In summary, zip code 95204 has experienced significant changes in its housing market over the past decade. The area has seen a resurgence in homeownership rates, substantial increases in average home prices, and fluctuations in the rental market. The interplay between these factors, along with broader economic trends such as interest rates, has shaped the local real estate landscape. As the market shows signs of stabilization, moderate growth in both home prices and rents is anticipated in the coming years.
