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Zip Code 83454: Ucon's Unique Real Estate Market with 100% Homeownership and Rising Home Values
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 83454, located in Ucon, Idaho, presents a unique case study in real estate trends. This small area, spanning just 0.01 square miles, has maintained a consistent population of 3 residents for most of the past decade. The zip code has experienced significant changes in average home prices and average rent, while maintaining 100% homeownership since 2020.
The relationship between homeownership and average home prices in 83454 shows a remarkable trend. From 2010 to 2022, average home prices increased from $146,396 to $353,315, representing a 141% increase. Notably, the area achieved 100% homeownership in 2020 when the average home price was $233,616. This trend continued through 2022, despite the substantial rise in home values.
Federal interest rates have played a significant role in shaping homeownership trends. In 2020, when 83454 reached 100% homeownership, interest rates were at a low 0.38%. This low-interest environment likely contributed to the ability of residents to purchase homes. As interest rates increased to 1.68% in 2022, the area maintained its full homeownership status, demonstrating resilience in the face of rising borrowing costs.
Average rent prices in 83454 have shown volatility over the years, despite the absence of renters since 2020. From 2013 to 2022, average rent increased from $713 to $890, a 24.8% rise. The peak in average rent was observed in 2022 at $890, coinciding with the period of 100% homeownership. This suggests that rising rent prices may have incentivized homeownership in the area.
In 2023 and 2024, the average home prices in 83454 have stabilized somewhat. The average home price in 2023 was $328,000, showing a slight decrease from 2022. In 2024, the average home price has marginally increased to $328,817. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. This combination of stabilizing home prices and higher interest rates presents a new dynamic for the local real estate market.
Looking ahead, predictive models suggest that average home prices in 83454 may continue to rise moderately over the next five years, albeit at a slower pace than observed in the 2010-2022 period. Average rent prices are also expected to increase gradually, potentially reaching around $1,000 by 2029. However, the small population and unique characteristics of this zip code may lead to more pronounced fluctuations than typically seen in larger markets.
In summary, zip code 83454 has demonstrated a strong trend towards homeownership, coinciding with significant increases in average home prices. The area has maintained 100% homeownership despite rising home values and recent increases in interest rates. The stabilization of home prices in 2023 and 2024, coupled with higher interest rates, marks a new phase in the local real estate market. These trends underscore the dynamic nature of this small but intriguing real estate market in Ucon, Idaho.
