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Rising Home Values and Ownership in Zip Code 93255: A Decade of Transformation in Rural Onyx, California
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
Zip code 93255, located in Onyx, California, is a rural area covering 217.03 square miles. This zip code has experienced significant fluctuations in homeownership rates and population over the past decade, with a general trend towards increased owner-occupancy in recent years. Average home prices have shown consistent growth, while rental data is limited.
The ownership percentage in zip code 93255 has shown a notable upward trend, particularly from 2017 to 2022. In 2017, the homeownership rate was 72%, but it steadily increased to reach 92% by 2022. This significant rise in homeownership coincides with a substantial increase in average home prices. In 2017, the average home price was $146,766, and it rose consistently year over year, reaching $234,636 in 2022. This represents a 60% increase in average home prices over this five-year period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite the federal interest rate increasing from 1% in 2017 to 1.68% in 2022, the homeownership rate in zip code 93255 continued to rise. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in this particular area.
The renter percentage in zip code 93255 has generally decreased as homeownership increased. In 2017, the renter-occupied rate was 19%, but it declined to just 8% by 2022. This dramatic shift towards homeownership occurred despite the rising average home prices, indicating a strong local preference for owning rather than renting. Unfortunately, specific average rent price data is not available for this analysis.
In 2023, the average home price in zip code 93255 slightly decreased to $234,497, a marginal 0.06% drop from 2022. However, in 2024, the average home price increased again to $237,575, representing a 1.31% rise from 2023. Notably, the federal interest rate rose significantly to 5.02% in 2023 and further to 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 93255 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Assuming a conservative annual growth rate of 3%, we might expect the average home price to reach approximately $275,000 by 2029. The homeownership rate is likely to remain high, possibly stabilizing around 90-92%, given the strong preference for ownership in this area.
In summary, zip code 93255 has demonstrated a remarkable shift towards homeownership over the past decade, with ownership rates increasing from 72% to 92% between 2017 and 2022. This trend occurred alongside a significant 60% increase in average home prices during the same period. The area appears to have a strong local housing market that has been resilient to rising federal interest rates. As we move forward, we can expect continued growth in home values, though potentially at a more moderate pace, with homeownership rates likely to remain high in this rural California community.
