Loading Content...
Average Home Values and Ownership in Zip Code 97810: A Decade of Resilience Amidst Rising Prices
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 97810, encompassing Adams, Oregon, presents an intriguing case study of homeownership and rental trends. This rural area, spanning 196.46 square miles, has seen significant shifts in its real estate landscape over the past decade. The ownership percentage has remained relatively stable, hovering around 80%, while average home prices and average rent have shown notable increases, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, the homeownership rate in zip code 97810 remained fairly consistent, fluctuating between 78% and 81%. During this same period, average home prices experienced a substantial increase. In 2013, the average home price was $179,758, which steadily rose to $369,774 by 2022, marking a remarkable 105.7% increase over nine years. This trend suggests that despite rising home values, residents in this area maintained a strong preference for homeownership.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate in 97810 remained stable at around 80-81%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 78% in 2018, but it quickly rebounded to 79% in 2019 and 81% in 2020, demonstrating the area's resilience to interest rate fluctuations.
Regarding rental trends, the percentage of renters in zip code 97810 has consistently remained between 19% and 21% from 2013 to 2022. Average rent prices have shown a steady increase over this period. In 2013, the average rent was $806, which rose to $1,003 by 2022, representing a 24.4% increase. This growth in rent prices, while significant, was less dramatic than the increase in home prices. The population growth from 1,362 in 2013 to 1,769 in 2022 likely contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, we observe a slight cooling in the housing market of zip code 97810. The average home price decreased from $369,774 in 2022 to $360,322 in 2023, and further to $357,893 in 2024. This cooling trend coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening home buying activity.
Looking ahead, based on current trends and economic indicators, we can forecast the following 5-year trends for zip code 97810: Average home prices are likely to stabilize or show modest growth, potentially reaching around $380,000 to $400,000 by 2029. Average rent prices are expected to continue their upward trajectory, potentially reaching $1,100 to $1,200 per month by 2029.
The most significant discoveries for zip code 97810 include the resilience of homeownership rates despite substantial increases in home prices, the steady growth in rent prices, and the recent cooling of the housing market coinciding with rising interest rates. The area has demonstrated a strong preference for homeownership, maintaining high rates even as property values more than doubled over a decade. The slight downturn in home prices in 2023 and 2024, coupled with rising interest rates, suggests a potential shift in the market dynamics that will be crucial to monitor in the coming years.
