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Zip Code 83676: Tripling Home Values and Rising Ownership in Wilder, 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 83676, located in Wilder, Idaho, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable increase in owner-occupied housing units, coupled with substantial growth in average home values.
The ownership percentage in zip code 83676 has shown a steady upward trend, rising from 70% in 2013 to 77% in 2022. This increase in homeownership coincided with a dramatic rise in average home prices. In 2013, the average home price was $131,003, but by 2022, it had soared to $517,443, representing a remarkable 295% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 83676. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at 70-71%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the area saw a counter-intuitive increase in homeownership to 77%. This trend suggests that other local factors, such as job growth or demographic shifts, may have outweighed the impact of rising interest rates on homeownership decisions in this particular zip code.
The renter percentage in zip code 83676 has correspondingly decreased from 30% in 2013 to 23% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $735, rising to a peak of $860 in 2019, before declining to $704 in 2022. This fluctuation in rent prices, despite a decreasing renter population, could be attributed to changes in housing quality, local economic factors, or shifts in the types of rental properties available.
In 2023 and 2024, the housing market in zip code 83676 saw some interesting developments. The average home price decreased slightly from its 2022 peak to $478,460 in 2023, before rising again to $489,538 in 2024. This slight recovery occurred despite federal interest rates reaching 5.02% in 2023 and 5.33% in 2024, which are significantly higher than previous years. These higher interest rates would typically be expected to dampen housing demand, yet the market in this zip code appears to be showing resilience.
Looking ahead, predictive models suggest that average home prices in zip code 83676 may continue to rise moderately over the next five years, potentially reaching around $550,000 by 2029. This projection is based on the historical growth rate and the area's apparent resistance to higher interest rates. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $800-$850 per month by 2029, assuming the local economy remains strong and demand for rental properties persists despite the trend towards homeownership.
In summary, zip code 83676 has demonstrated a strong trend towards increased homeownership, accompanied by substantial growth in average home values. The area has shown resilience to rising interest rates, with homeownership rates continuing to climb even as financing costs increased. While the renter population has decreased, rent prices have fluctuated, reflecting complex local market dynamics. The coming years are likely to see continued, albeit more moderate, growth in home values and a potential stabilization of rental prices in this dynamic Idaho market.
