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Rising Home Values and Ownership Trends in Zip Code 85629: Sahuarita's Evolving Real Estate Landscape
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 85629, encompassing Sahuarita in Arizona, has witnessed notable changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in this rapidly developing area. Sahuarita's homeownership rate has shown a slight upward trend, increasing from 79% in 2013 to 82% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. The average home price in Sahuarita rose from $170,023 in 2013 to $349,071 in 2022, representing a 105% increase over nine years.
The relationship between federal interest rates and homeownership rates in Sahuarita aligns with established trends. As interest rates remained low between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates stayed high, fluctuating between 77% and 83%. This correlation supports the general principle that lower interest rates make homeownership more attainable due to more affordable financing options.
Renter percentages in Sahuarita have shown a slight downward trend, decreasing from 20% in 2013 to 18% in 2022. Average rent prices have remained relatively stable during this period, with some fluctuations. In 2013, the average rent was $1,478, and by 2022, it had decreased slightly to $1,443. The stability in rent prices, combined with the increasing population (from 24,667 in 2013 to 31,282 in 2022), indicates a balanced rental market in the area.
Recent data shows that the average home price in Sahuarita for 2023 was $346,636, a slight decrease from 2022. However, in 2024, the average home price increased to $349,817. This recent uptick occurs despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than previous years. This suggests a robust housing market in Sahuarita that is maintaining its value even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, the average home prices in Sahuarita are expected to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach around $400,000 by 2029. Rent prices are likely to see moderate increases, potentially reaching an average of $1,600 to $1,700 per month in the same timeframe, as the area continues to grow and attract new residents.
In summary, zip code 85629, encompassing Sahuarita, has demonstrated a strong and growing housing market over the past decade. The area has maintained high homeownership rates while experiencing significant appreciation in home values. The rental market has remained stable, indicating a well-balanced housing ecosystem. Despite recent increases in interest rates, the housing market in Sahuarita appears resilient, with continued growth expected in both home prices and rental rates over the next five years.
