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Rising Home Values and Ownership Rates in Sylvan Old Auburn Road, Citrus Heights
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
Sylvan Old Auburn Road, a vibrant neighborhood in Citrus Heights, California, has experienced significant changes in its housing landscape over the past decade. Homeownership rates have fluctuated between 36% and 44%, while average home prices have shown a substantial upward trend. The area is characterized by a dynamic mix of homeowners and renters, with both groups adapting to evolving market conditions.
The relationship between homeownership rates and average home prices in Sylvan Old Auburn Road reveals an interesting pattern. In 2013, when the homeownership rate was at 36%, the average home price was $208,925. As home prices increased, reaching $361,562 in 2019, the homeownership rate remained relatively stable at 37%. However, a notable shift occurred in 2022, with homeownership rising to 44% despite average home prices reaching $507,049. This suggests that despite rising prices, more residents were able to transition into homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in the neighborhood. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 36%. As interest rates gradually increased to 2.16% by 2019, homeownership remained relatively stable. However, the sharp drop in interest rates to 0.08% in 2021 coincided with an increase in homeownership to 40%, likely due to more affordable financing options. The subsequent rise in interest rates to 1.68% in 2022 did not immediately impact homeownership, which further increased to 44%.
Renter percentages and average rent prices in Sylvan Old Auburn Road have shown a generally inverse relationship. In 2013, with 64% of residents renting, the average rent was $1,256. As the renter percentage decreased slightly to 61% in 2018, average rent increased to $1,352. By 2022, the renter percentage had dropped to 56%, while average rent reached $1,422. This trend suggests that as fewer people rented, landlords may have increased prices to maintain income levels.
In 2023, average home prices in Sylvan Old Auburn Road experienced a slight decrease to $480,804, despite federal interest rates rising to 5.02%. This cooling in the housing market continued into 2024, with average home prices rebounding slightly to $495,322, while interest rates further increased to 5.33%. These figures indicate a stabilization in the local housing market amidst rising interest rates.
Looking ahead, predictive models suggest that average home prices in Sylvan Old Auburn Road may continue to increase moderately over the next five years, potentially reaching around $550,000 by 2029. Average rent prices are also expected to rise, potentially surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Sylvan Old Auburn Road has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The interplay between federal interest rates, homeownership, and rental trends has shaped a dynamic housing landscape. As the neighborhood moves forward, it is likely to see continued growth in both home values and rental prices, reflecting its desirability and the broader economic conditions affecting the housing market.
