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Rising Home Values and Ownership Trends in Zip Code 95660: North Highlands's Decade of Change
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
North Highlands, located in zip code 95660 in California, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices. The ownership percentage in zip code 95660 has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate was 56%, which decreased slightly to 50% by 2017. However, from 2018 onwards, there was a steady increase, reaching 61% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. The average home price in 2013 was $128,900, which more than tripled to $402,126 by 2022, representing a 212% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite rising interest rates from 2016 to 2019 (0.4% to 2.16%), homeownership rates remained relatively stable around 50-52%. Interestingly, as interest rates dropped significantly in 2020 to 0.38% and remained low in 2021 at 0.08%, homeownership rates saw a sharp increase from 53% in 2019 to 60% in 2021. This trend suggests that lower interest rates may have contributed to increased homeownership in the area.
Renter percentages in zip code 95660 have generally decreased as homeownership rates have risen. The percentage of renters declined from 47% in 2015 to 39% in 2022. Despite this decrease, average rent prices have shown an overall upward trend. The average rent was $1,187 in 2015 and increased to $1,326 by 2022, a 12% rise. However, it's worth noting that there were fluctuations within this period, with the highest average rent of $1,450 recorded in 2021.
In 2023 and 2024, the housing market in zip code 95660 showed some interesting developments. The average home price in 2023 was $382,149, a slight decrease from 2022. However, in 2024, the average home price increased to $395,856. This occurred despite a significant rise in interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 95660 to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $450,000 to $500,000 by 2029. Average rent prices are also likely to continue rising, potentially reaching around $1,500 to $1,600 per month in the same timeframe.
In summary, zip code 95660 has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite rising interest rates, the area has maintained strong homeownership growth. The rental market has seen a decrease in the percentage of renters but an overall increase in average rent prices. These trends, combined with the area's population growth, suggest a robust and dynamic housing market in North Highlands.
