Loading Content...
Rising Home Values and Shifting Ownership in Orange Cove's 93646 Zip Code: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Orange Cove, located in zip code 93646 in California, is a small community with a population that has fluctuated around 9,000 residents over the past decade. This area has experienced notable shifts in homeownership rates and housing costs, reflecting broader economic trends and local market dynamics.
The homeownership rate in Orange Cove has shown a slight decline over the years, dropping from 48% in 2013 to 43% in 2022. This trend coincides with a significant increase in average home prices, which rose from $104,071 in 2013 to $255,442 in 2022, representing a substantial 145% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Orange Cove. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which coincided with a relatively stable homeownership rate around 41-42%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable at 43%, indicating a resilient local housing market despite increasing borrowing costs.
The renter population in Orange Cove has grown from 52% in 2013 to 57% in 2022, mirroring the decline in homeownership. Average rent prices have shown volatility, dropping from $783 in 2013 to a low of $654 in 2018, before rising again to $735 in 2022. This fluctuation in rent prices, coupled with the increasing renter population, suggests a complex rental market influenced by factors such as local economic conditions and housing supply.
In 2023 and 2024, Orange Cove has seen continued growth in average home prices, reaching $260,445 in 2023 and further increasing to $267,708 in 2024. This upward trend persists despite the sharp rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the local housing market that has overcome the potential dampening effect of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Orange Cove may continue to rise over the next five years, potentially reaching around $300,000 by 2029 if current trends persist. Rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe, assuming steady economic growth and continued demand for rental properties in the area.
In summary, Orange Cove has experienced a gradual shift towards a renter-majority population, with homeownership rates declining slightly as average home prices have more than doubled over the past decade. The resilience of the housing market, evidenced by continuing price increases despite rising interest rates, suggests strong underlying demand in this California community. These trends indicate a dynamic real estate landscape in zip code 93646, with potential opportunities and challenges for both homeowners and renters in the coming years.
