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Macdoel: Home Values and Ownership Trends in a Small California Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Macdoel, California, is a small community nestled in Siskiyou County. This rural enclave has experienced fluctuations in homeownership rates and housing prices over the past decade. The ownership percentage has remained relatively stable, hovering around 65-70%, while average home prices have shown a general upward trend. Average rent prices have also increased, particularly in recent years.
Analyzing the relationship between ownership percentage and average home prices reveals some interesting patterns. In 2013, the homeownership rate was 67% with an average home price of $63,111. By 2022, the ownership rate had slightly increased to 68%, while the average home price more than doubled to $139,318. This suggests that despite rising home values, Macdoel residents have maintained a strong preference for homeownership. The most significant jump in average home prices occurred between 2020 and 2021, increasing from $99,542 to $129,767, a 30.4% rise, while the ownership rate only decreased slightly from 68% to 66%.
Federal interest rates have played a role in homeownership trends in Macdoel. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.1% to 0.18%. During this time, homeownership rates in Macdoel remained relatively stable, between 65% and 69%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate in Macdoel actually increased slightly to 68%, demonstrating the community's resilience in maintaining homeownership despite changing economic conditions.
Renter percentages and average rent prices in Macdoel have shown some correlation. In 2013, the renter-occupied percentage was 33% with an average rent of $746. By 2022, the renter percentage decreased slightly to 30%, while the average rent increased significantly to $1,200, a 60.9% rise. The most notable increase in average rent occurred between 2020 and 2021, jumping from $905 to $1,144, a 26.4% increase. This substantial rise in rent prices may have contributed to the slight decrease in the renter population percentage.
Looking at the most recent data, the average home price in Macdoel for 2023 was $129,581, showing a slight decrease from 2022. In 2024, the average home price further decreased to $124,585. Interestingly, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates may be contributing to the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Macdoel may experience a period of stabilization or slight decrease in the short term, followed by modest growth. This prediction is based on the recent cooling trend and the current high interest rate environment. For average rent prices, the forecast suggests continued growth, albeit at a more moderate pace than seen in recent years. The limited housing supply in this small community may continue to put upward pressure on rent prices.
In summary, Macdoel has demonstrated resilience in maintaining high homeownership rates despite significant increases in average home prices over the past decade. The community has weathered changes in federal interest rates while preserving a strong preference for homeownership. Recent data shows a cooling in the housing market, likely influenced by rising interest rates. Moving forward, we can expect a period of stabilization in home prices and continued, but moderated, growth in rent prices.
