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Average Home Values and Ownership in Zip Code 95358: A Decade of Growth and Stability in Modesto, California
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 95358, located in Modesto, California, has experienced notable changes in homeownership rates and housing prices over the past decade. This area has seen fluctuations in its population and housing market, reflecting broader economic trends and local dynamics. The homeownership rate in zip code 95358 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 64%, and by 2022, it had decreased slightly to 62%. During this period, average home prices in the area saw significant growth. In 2013, the average home price was $139,655, and by 2022, it had more than tripled to $426,122, representing a 205% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. In 2013, when interest rates were at 0.11%, the homeownership rate was 64%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate slightly decreased to 62%. This suggests that rising interest rates may have had a modest impact on homeownership, although other factors likely played a role as well.
Renter percentages and average rent prices in zip code 95358 have shown interesting trends. The percentage of renters increased from 36% in 2013 to 38% in 2022. During this period, average rent prices also rose, albeit less dramatically than home prices. In 2013, the average rent was $1,251, and by 2022, it had increased to $1,376, a 10% rise over nine years. The population in the zip code remained relatively stable during this period, fluctuating between 33,000 and 34,000 residents, which may have contributed to the steady increase in rent prices.
Looking at the most recent data, the average home price in zip code 95358 decreased slightly from $426,122 in 2022 to $412,310 in 2023, representing a 3.2% decline. However, in 2024, the average home price rebounded to $426,712, surpassing the 2022 level. This recent uptick occurs despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than the 1.68% rate in 2022.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 95358 will continue to rise, albeit at a more moderate pace than seen in the early 2020s. The average home price could potentially reach around $475,000 to $500,000 by 2029. For rent prices, the forecast suggests a continued gradual increase, potentially reaching an average of $1,500 to $1,600 per month by 2029.
In summary, zip code 95358 has demonstrated resilience in its housing market, with significant growth in average home prices despite minor fluctuations in homeownership rates. The rental market has shown steady growth, both in the percentage of renters and average rent prices. The recent rebound in home prices, even in the face of higher interest rates, suggests a robust local housing market. These trends indicate a dynamic and evolving real estate landscape in this Modesto, California zip code.
