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Rising Home Values and Ownership in Briggs Ranch: A Decade of Housing Trends
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
Briggs Ranch, a neighborhood in Folsom, California, has experienced significant growth in homeownership and property values over the past decade. This area has shown a strong trend towards increased owner-occupancy and rising home prices, reflecting its desirability as a residential location. The homeownership rate in Briggs Ranch has consistently increased, rising from 85% in 2013 to 91% in 2022. This upward trend in homeownership has been accompanied by a substantial increase in average home prices. In 2013, the average home price was $377,001, which grew to $773,613 by 2022, representing a 105% increase over nine years. This data suggests a strong correlation between rising home values and increasing homeownership rates in the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends in Briggs Ranch. From 2013 to 2016, historically low interest rates ranging from 0.11% to 0.40% likely contributed to the steady homeownership rate of 84-85%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates continued to increase from 86% to 87%, possibly due to residents securing mortgages before further rate increases.
The rental market in Briggs Ranch has experienced fluctuations in both occupancy rates and average rent prices. The percentage of renters decreased from 15% in 2013 to 9% in 2022. Despite this decline in renter occupancy, average rent prices have shown volatility. In 2013, the average rent was $1,825, peaking at $2,152 in 2015 before settling at $1,999 in 2022. This trend suggests that while fewer units are being rented, those that remain on the rental market command higher prices, possibly due to increased demand for the limited available rental properties.
In 2023, the average home price in Briggs Ranch decreased slightly to $738,755, with federal interest rates rising to 5.02%. As of 2024, the average home price has rebounded to $752,435, while interest rates have further increased to 5.33%. This recent data indicates a resilient housing market in the face of higher borrowing costs, suggesting continued demand for homeownership in the area.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent prices over the next five years. Home prices are expected to surpass $800,000 by 2026 and potentially reach $850,000 by 2029. Average rent prices are projected to increase steadily, potentially reaching $2,200 per month by 2029.
In summary, Briggs Ranch has demonstrated a strong trend towards homeownership, with consistently rising property values over the past decade. The neighborhood has shown resilience to fluctuating interest rates, maintaining high owner-occupancy rates even as home prices have more than doubled since 2013. The rental market, while smaller, has become more expensive, reflecting the overall increase in property values in the area. These trends suggest that Briggs Ranch will continue to be a desirable location for homeowners, with potential for further appreciation in both home values and rental rates in the coming years.
