Loading Content...
Average Home Values and Ownership in Zip Code 98546: A Decade of Growth in Scenic Grapeview
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 98546, located in Grapeview, Washington, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its scenic views and rural charm, has seen a notable shift towards increased homeownership and rising property values.
The ownership percentage in zip code 98546 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 84%, which remained relatively stable until 2020 when it increased to 86%. By 2022, the rate had climbed to an impressive 89%. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $247,787, which steadily rose to $434,390 by 2020, and then surged to $657,295 in 2022. This represents a remarkable 165% increase in average home prices over a decade.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2020, interest rates remained relatively low, ranging from 0.11% to 0.38%. During this period, homeownership rates held steady around 84-85%. However, as interest rates began to rise more significantly in 2022 to 1.68%, we saw a paradoxical increase in homeownership to 89%. This suggests that other local factors may have outweighed the impact of rising interest rates on homeownership in this particular zip code.
Renter percentages in zip code 98546 have shown an inverse relationship to homeownership rates. In 2013, the renter percentage was 16%, which remained relatively stable until 2020. However, by 2022, it had decreased to 11%. Interestingly, average rent prices have not followed a consistent pattern in relation to renter percentages. The average rent was $1,116 in 2013, decreased to $968 in 2015, and then rose again to $1,083 in 2022. This fluctuation in rent prices, despite decreasing renter percentages, could be attributed to the overall increase in property values and the growing population, which increased from 4,343 in 2013 to 4,796 in 2022.
In 2023 and 2024, we see a slight correction in the housing market for zip code 98546. The average home price decreased from $657,295 in 2022 to $629,302 in 2023, before rebounding slightly to $648,011 in 2024. This minor dip and recovery occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These figures suggest a resilient local housing market that has maintained relatively high values even in the face of rising interest rates.
Looking ahead, based on historical trends and current market conditions, we can forecast the following 5-year trends for zip code 98546:
1. Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace. We predict an annual increase of 3-5%, reaching approximately $750,000-$800,000 by 2029.
2. Average rent prices are expected to rise in line with property values, potentially reaching $1,300-$1,400 per month by 2029.
3. Homeownership rates may stabilize or slightly decrease from the current high of 89% due to the combined effects of high property values and increased interest rates, potentially settling around 85-87% by 2029.
In summary, zip code 98546 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. Despite recent increases in interest rates, the area has maintained high homeownership rates and property values, indicating a robust and desirable local real estate market. The coming years are likely to see continued growth in both home prices and rents, albeit at a more moderate pace, while homeownership rates may slightly adjust from their current peak.
