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Rising Home Values and Ownership in Zip Code 83638: McCall's Mountain Town Boom
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
McCall, located in zip code 83638 in Idaho, has experienced significant changes in its housing market over the past decade. This scenic mountain town, known for its outdoor recreational opportunities, has seen notable shifts in homeownership rates and property values, reflecting broader economic trends and local development patterns.
The homeownership rate in McCall has shown a general upward trend, increasing from 75% in 2013 to 83% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $226,720, which steadily climbed to $830,140 by 2022, representing a remarkable 266% increase over nine years. This trend suggests a strong correlation between rising property values and increased homeownership, possibly indicating growing affluence or investment interest in the area.
Federal interest rates have played a significant role in shaping homeownership trends in McCall. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates remained relatively stable, between 70% and 75%. As interest rates began to rise more notably from 2017 (1.00%) to 2019 (2.16%), homeownership rates actually increased, reaching 78% by 2019. This counterintuitive trend might be attributed to other local factors, such as economic growth or increased demand for vacation homes in this resort town.
Renter percentages in McCall have generally decreased as homeownership rates have risen. The proportion of renters declined from 24% in 2013 to 17% in 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $657, which increased to $996 by 2017, representing a 51.6% increase in just four years. However, rent prices then stabilized, fluctuating between $984 and $1,089 from 2018 to 2022. This trend suggests that while the rental market has become more expensive, it hasn't kept pace with the dramatic increase in home prices, potentially contributing to the shift towards homeownership.
In 2023 and 2024, the housing market in McCall showed signs of stabilization after years of rapid growth. The average home price in 2023 was $759,653, a decrease from the 2022 peak but still significantly higher than pre-2020 levels. In 2024, there was a slight increase to $764,256. Notably, federal interest rates rose sharply during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the cooling of the housing market.
Looking ahead, predictive models suggest that average home prices in McCall may continue to experience moderate growth over the next five years, albeit at a slower pace than the dramatic increases seen in the early 2020s. Average rent prices are expected to follow a similar trend, with steady but modest increases. These projections are based on historical data patterns and current market conditions.
In summary, McCall has witnessed a significant shift towards homeownership, accompanied by substantial increases in property values over the past decade. The rental market, while becoming more expensive, has not kept pace with home price appreciation. Recent data indicates a potential stabilization of the housing market, likely influenced by rising interest rates. As McCall continues to evolve, these housing trends will play a crucial role in shaping the community's demographic and economic landscape.
