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Zip Code 83714: Soaring Home Values and Ownership Rates in Garden 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 83714, located in Garden City, Idaho, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with substantial growth in average home prices and average rent prices. The homeownership rate in zip code 83714 has shown a steady upward trend, increasing from 69% in 2013 to 72% in 2022. This rise in homeownership coincided with a dramatic increase in average home prices. In 2013, the average home price was $207,324, which more than doubled to $592,234 by 2022. This represents a remarkable 185% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite the rising costs, more residents in this area were able to purchase homes.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were relatively low (ranging from 0.11% to 0.40%), the homeownership rate in zip code 83714 remained stable at around 67-68%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), surprisingly, the homeownership rate also increased, reaching 70% in 2017 and maintaining at 68% through 2019. This trend continued even as interest rates dropped sharply in 2020 and 2021, with homeownership reaching 71% in those years.
The renter percentage in zip code 83714 has inversely mirrored the homeownership trend, decreasing from 31% in 2013 to 28% in 2022. During this period, average rent prices increased from $1,038 in 2013 to $1,162 in 2022, a 12% rise. Interestingly, the peak in average rent was observed in 2021 at $1,277, before slightly decreasing in 2022. This trend occurred alongside a significant population increase, from 21,658 in 2013 to 29,072 in 2022, suggesting that despite growing demand, the rental market remained relatively stable compared to the more volatile housing market.
In 2023, the average home price in zip code 83714 decreased to $548,037, a 7.5% drop from the 2022 peak. This decline continued into 2024, with prices slightly rebounding to $565,247. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and further to 5.33% in 2024, potentially influencing the housing market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 83714 may experience moderate growth over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are likely to continue their upward trajectory, albeit at a slower pace, potentially reaching approximately $1,350 by 2029.
In summary, zip code 83714 has demonstrated a strong trend towards homeownership, with significant increases in both ownership rates and average home prices over the past decade. The rental market, while showing growth, has been more stable in comparison. Recent data indicates a slight cooling in the housing market, possibly influenced by rising interest rates. However, the overall trend suggests continued growth in both home values and rental prices, albeit at a more moderate pace in the coming years.
