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Average Home Values and Ownership in Zip Code 95819: A Decade of Growth in Sacramento's 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
Zip code 95819, located in Sacramento, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This analysis examines these trends and their interrelationships. The ownership percentage in zip code 95819 has remained relatively stable, fluctuating between 65% and 69% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $418,509, which increased to $758,712 by 2022, representing a substantial 81.3% increase over nine years. The relationship between federal interest rates and homeownership rates in this zip code is notable. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable. This suggests that other factors, such as local market conditions or housing supply, may have played a more significant role in determining homeownership rates in this area.
Renter percentages in zip code 95819 have inversely mirrored the homeownership rates, ranging from 31% to 35% between 2013 and 2022. Average rent prices have generally increased during this period, albeit with some fluctuations. In 2013, the average rent was $1,366, which rose to $1,572 by 2022, marking a 15.1% increase. Notably, there was a significant jump in average rent from $1,504 in 2019 to $1,577 in 2020, coinciding with a population increase from 19,371 to 19,759 during the same period.
In 2023, the average home price in zip code 95819 decreased to $730,921, a 3.7% drop from 2022. This decline occurred as federal interest rates rose sharply to 5.02%. Moving into 2024, the average home price has slightly rebounded to $749,648, while interest rates have further increased to 5.33%. This recent data suggests a complex interplay between interest rates and housing prices in the current market.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to reach approximately $850,000 by 2029, while average rent prices could approach $1,800 per month. These predictions are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 95819 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has seen substantial growth in property values and moderate increases in rent prices. Recent data from 2023 and 2024 indicates a slight cooling in the housing market, potentially influenced by rising interest rates. However, long-term projections suggest continued growth in both home values and rental costs in this Sacramento neighborhood.
