Loading Content...
Average Home Values and Ownership in Zip Code 96067: Mount Shasta'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
In zip code 96067, located in Mount Shasta, California, we observe an interplay between homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its proximity to Mount Shasta, has experienced fluctuations in its housing market dynamics. The homeownership rate in this zip code has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 63%, and by 2022, it had increased slightly to 65%. During this period, average home prices in the area saw a significant upward trend. In 2013, the average home price was $219,772, which steadily increased to $435,451 by 2022, representing a 98% increase over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), the homeownership rate remained stable at around 63-64%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we saw a slight increase in homeownership to 65%. This suggests that despite rising interest rates, other factors may have influenced homebuying decisions in this area.
The renter population in zip code 96067 has also experienced some changes. In 2013, 37% of the population were renters, and this percentage remained relatively consistent through 2022, with only minor fluctuations. Average rent prices, however, showed a more volatile pattern. In 2013, the average rent was $1,079, which decreased slightly to $983 by 2017. From 2018 onwards, there was a sharp increase in average rent prices, reaching $1,389 in 2022, representing a 29% increase from 2013 to 2022.
Looking at the most recent data for 2023 and 2024, we see some interesting developments. The average home price in 2023 was $428,394, showing a slight decrease from 2022. However, in 2024, the average home price has increased marginally to $429,504. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 96067 will continue to rise, albeit at a more moderate pace compared to the rapid growth seen in the past decade. The current high interest rates may slow down price appreciation in the short term. For rent prices, the forecast suggests a continued upward trend, potentially driven by increased demand for rental properties if high interest rates persist and make homeownership less affordable for some.
In summary, zip code 96067 has demonstrated resilience in its housing market over the past decade. The area has maintained a stable homeownership rate while experiencing significant growth in average home prices. The rental market has seen steady demand with notable increases in average rent prices, particularly in recent years. The interplay between rising home prices, increasing rent costs, and fluctuating interest rates will likely continue to shape the housing dynamics in this Mount Shasta zip code in the coming years.
