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Zip Code 83713: Rising Home Values and Ownership Rates in Boise City, 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 83713, located in Boise City, Idaho, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a notable increase in homeownership, rising from 69% in 2016 to 79% in 2022, while average home prices have more than tripled during the same period.
The trend between ownership percentage and average home prices in zip code 83713 shows a strong positive correlation. As homeownership rates increased from 69% in 2016 to 79% in 2022, average home prices rose dramatically from $211,922 to $490,717 during the same period. This substantial increase in home values coincided with a growing preference for homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%. This period of low interest rates corresponded with an increase in homeownership rates from 71% in 2019 to 79% in 2022. The low interest rate environment likely made homeownership more accessible and attractive to residents in the 83713 zip code.
Renter percentages in zip code 83713 have shown an inverse relationship to homeownership rates, decreasing from 28% in 2016 to 21% in 2022. Despite this decline in the renter population, average rent prices have increased steadily, rising from $1,321 in 2016 to $1,294 in 2022. This suggests that even with fewer renters, demand for rental properties remained strong, possibly due to population growth in the area, which increased from 29,506 in 2016 to 28,923 in 2022.
Looking at the most recent data, average home prices in zip code 83713 decreased from $490,717 in 2022 to $452,034 in 2023, representing an 8% decline. However, there was a slight recovery in 2024, with average home prices increasing to $462,529. This recent trend coincides with a significant rise in federal interest rates, which jumped from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. The higher interest rates may have contributed to the initial cooling of the housing market in 2023, followed by a modest rebound in 2024.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 83713 will continue to show moderate growth, potentially reaching around $525,000 by 2029. This projection is based on the historical trend of increasing home values in the area, tempered by the current higher interest rate environment. For average rent prices, we expect a continued upward trajectory, potentially reaching approximately $1,450 per month by 2029, reflecting the ongoing demand for rental properties in this growing area.
In summary, zip code 83713 has experienced a significant shift towards homeownership, accompanied by substantial increases in average home prices over the past decade. The area has demonstrated resilience in its housing market, with recent data showing a recovery in home prices despite higher interest rates. The rental market, while shrinking in terms of percentage, has maintained strong average rent prices. These trends suggest a robust and dynamic housing market in this Boise City zip code, with potential for continued growth in both home values and rental rates in the coming years.
