Loading Content...
Average Home Values and Ownership in Zip Code 95955: Maxwell's Resilient Housing Market
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 95955, located in Maxwell, California, presents an intriguing picture of homeownership and rental trends over the past decade. This rural area has experienced fluctuations in its ownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 95955 has shown moderate variability, ranging from 60% to 67% between 2013 and 2022. In 2013, the ownership rate stood at 65%, and by 2022, it had increased slightly to 67%. During this period, average home prices demonstrated a significant upward trend. The average home price in 2017 was $186,528, and by 2022, it had risen to $294,829, representing a substantial increase of 58% over five years.
Federal interest rates appear to have influenced homeownership rates in this area. For instance, in 2017, when interest rates were at 1%, the homeownership rate was 63%. As interest rates rose to 1.83% in 2018, the ownership rate slightly decreased to 62%. However, when interest rates dropped to 0.08% in 2021, the ownership rate increased to 61%, suggesting that lower interest rates may have encouraged homeownership to some extent.
Renter percentages in zip code 95955 have fluctuated inversely to homeownership rates, ranging from 33% to 40% between 2013 and 2022. The average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $994, which decreased to $873 in 2016 before rising again to $981 in 2022. This represents a modest overall increase of about 1% from 2013 to 2022. The population has remained relatively stable during this period, ranging from 553 to 665 residents, which may have contributed to the moderate changes in rental demand and prices.
In 2023 and 2024, the average home prices in zip code 95955 continued to show growth, albeit at a slower pace. The average home price in 2023 was $295,165, a slight increase from 2022. In 2024, it further increased to $298,255. Notably, interest rates have risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on the observed trends, we can forecast that average home prices in zip code 95955 may continue to rise over the next five years, but potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, possibly at a slightly faster rate than in recent years, as higher mortgage rates could push more people towards renting. However, the relatively stable population in the area may moderate these increases.
In summary, zip code 95955 has experienced a general trend of increasing home values and slightly fluctuating rent prices over the past decade. Homeownership rates have remained relatively stable with some variations, influenced by changes in interest rates. The interplay between these factors will likely continue to shape the real estate landscape in this California community in the coming years.
