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Zip Code 83333: Rising Home Values and Shifting Ownership in Hailey, Idaho
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 83333, located in Hailey, Idaho, has experienced notable shifts in its housing market over the past decade. This area, known for its proximity to the Sun Valley ski resort, has seen fluctuations in homeownership rates and significant changes in average home and rent prices.
The homeownership rate in zip code 83333 has shown a slight downward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 75%, gradually decreasing to 69% by 2022. This change correlates with the substantial increase in average home prices during the same period. In 2013, the average home price was $271,002, which more than doubled to $759,092 by 2022. This sharp rise in home prices likely contributed to the slight decrease in homeownership, as affordability became a growing concern for potential buyers.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 68-69%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a slight dip in homeownership rates, settling at 69% in 2022.
Renter percentages in zip code 83333 have shown a corresponding increase, rising from 25% in 2013 to 31% in 2022. This trend aligns with the fluctuations in average rent prices. In 2013, the average rent was $1,037, which increased to $1,166 in 2014 before experiencing some volatility. By 2022, the average rent had settled at $984, slightly lower than the 2013 figure. The population in the area has remained relatively stable, growing from 9,784 in 2013 to 10,256 in 2022, which suggests that the rental market has expanded to accommodate a growing portion of the population.
Looking at the most recent data, average home prices in zip code 83333 continued to rise, reaching $766,058 in 2023 and $802,800 in 2024. This represents a 5.7% increase from 2022 to 2023 and a further 4.8% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 83333 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project average home prices could reach approximately $950,000 to $1,000,000 by 2029. For rent prices, we expect a moderate upward trend, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming continued population growth and demand for rental properties.
In summary, zip code 83333 has experienced a gradual shift towards a higher percentage of renters, driven by rapidly increasing home prices and fluctuating interest rates. The area has seen substantial appreciation in property values, with average home prices nearly tripling from 2013 to 2024. Despite some volatility, rent prices have remained relatively stable compared to the dramatic increase in home values. These trends suggest a changing housing landscape in Hailey, with potential implications for affordability and community demographics in the coming years.
