Loading Content...
Average Home Values and Ownership in Zip Code 95957: A Decade of Fluctuations in Rural Meridian, California
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 95957, located in Meridian, California, presents an interesting case study in housing trends over the past decade. This rural area, spanning 119.92 square miles, has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic shifts and local market dynamics.
The ownership percentage in zip code 95957 has shown notable variability between 2013 and 2022. In 2013, homeownership stood at 61%, but by 2016, it had decreased to 50%, indicating a significant shift towards renting. This trend coincided with a steady increase in average home prices, rising from $165,344 in 2013 to $249,869 in 2016, a 51% increase. However, by 2022, homeownership rebounded slightly to 55%, while average home prices continued to climb, reaching $427,507, representing a 158% increase from 2013.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership actually decreased. This counterintuitive trend suggests that factors other than interest rates, such as local economic conditions or housing supply, may have played a more significant role in homeownership decisions in this area.
Renter percentages in zip code 95957 have mirrored the homeownership trends, peaking at 50% in 2016 before settling at 45% in 2022. Average rent prices have shown a general upward trajectory, increasing from $749 in 2013 to $856 in 2022, a 14% rise. Notably, the population has fluctuated during this period, dropping from 1,235 in 2013 to 949 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, 2023 saw a significant correction in average home prices in zip code 95957, dropping to $386,699 from the 2022 peak of $427,507, a 9.5% decrease. This trend continued into 2024, with prices further declining to $381,258. Concurrently, federal interest rates rose sharply, reaching 5.02% in 2023 and 5.33% in 2024, potentially contributing to the cooling housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 95957 may stabilize or experience modest growth, assuming interest rates remain elevated. The recent price correction could improve affordability, potentially leading to a slight increase in homeownership rates. Average rent prices are expected to continue their gradual upward trajectory, albeit at a slower pace, influenced by the area's population dynamics and overall economic conditions.
In summary, zip code 95957 has experienced significant fluctuations in homeownership rates and substantial growth in average home prices over the past decade. The recent market correction and rising interest rates mark a potential turning point, suggesting a more balanced housing market in the coming years. The interplay between homeownership rates, housing prices, and rental market trends in this rural California zip code reflects the complex nature of local real estate markets and their responsiveness to broader economic factors.
