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Average Home Values and Ownership in Zip Code 95370: Phoenix Lake's Scenic Housing Market
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
Phoenix Lake, located in zip code 95370 in California, has experienced significant changes in its housing market over the past decade. This analysis examines trends in homeownership rates, average home prices, and average rent prices, providing insights into the area's real estate dynamics. The homeownership rate in Phoenix Lake has shown an overall upward trend. In 2013, the rate was 68%, increasing to 73% by 2022. This 5 percentage point rise indicates a growing preference for homeownership in the area. Correspondingly, average home prices have appreciated significantly. In 2016, the average home price was $303,769, rising to $432,106 by 2022, a substantial 42.2% increase over six years. The relationship between federal interest rates and homeownership rates in Phoenix Lake generally follows the economic principle that lower interest rates encourage homeownership. From 2013 to 2016, when interest rates were historically low (0.11% to 0.4%), the homeownership rate remained stable at around 68%. As interest rates rose more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate increased to 73%. This suggests that local factors may have had a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages in Phoenix Lake have shown an inverse relationship to homeownership rates. In 2013, the renter-occupied housing rate was 30%, increasing slightly to 34% in 2016 before declining to 27% by 2022. Average rent prices have fluctuated over the years, with a general upward trend. In 2013, the average rent was $1,111, rising to $1,336 in 2021, an increase of 20.3%. However, there was a slight decrease to $1,173 in 2022, possibly reflecting changes in local housing market conditions or economic factors.
The most recent data shows the average home price in Phoenix Lake for 2023 was $416,516, a slight decrease from the 2022 peak. This trend continues into 2024, with average home prices at $411,011. These figures coincide with higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This correlation suggests that higher interest rates may be contributing to a cooling of the housing market in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Phoenix Lake may experience moderate growth, albeit at a slower pace than seen in previous years due to higher interest rates. Average rent prices are likely to continue their upward trajectory, driven by ongoing demand for rental properties and overall inflation trends.
In summary, Phoenix Lake has witnessed a strengthening homeownership market over the past decade, with rising homeownership rates and significant appreciation in average home prices. The rental market has shown more variability, with fluctuating renter percentages and a general increase in average rent prices. Recent data suggests a potential stabilization or slight cooling in the housing market, likely influenced by rising interest rates. These trends indicate a dynamic real estate environment in zip code 95370, balancing between robust homeownership growth and evolving rental market conditions.
