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Zip Code 83716: Rising Home Values and Stable Ownership in Robie Creek, 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 83716, located in Robie Creek, Idaho, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in population and fluctuations in homeownership rates, average home prices, and average rent prices.
The homeownership rate in zip code 83716 has remained relatively stable over the years, with slight fluctuations. In 2013, the homeownership rate was 82%, and by 2022, it stood at 78%. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $241,256, and by 2022, it had risen to $659,790, representing a 173% increase over nine years. This trend suggests that while homeownership rates remained relatively steady, the cost of purchasing a home in this area increased significantly.
Federal interest rates have played a role in shaping homeownership trends in zip code 83716. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate experienced a slight decline from 82% to 76%. However, as interest rates began to rise from 2017 onwards, the homeownership rate stabilized around 77-78%. This trend suggests that factors beyond interest rates, such as local economic conditions and housing supply, may have influenced homeownership rates in this area.
Renter percentages in zip code 83716 have shown some variability over the years. In 2013, the renter-occupied rate was 17%, which increased to 24% by 2016. Since then, it has fluctuated between 19% and 24%. Average rent prices have also seen an upward trend during this period. In 2013, the average rent was $1,255, and by 2022, it had increased to $1,344, representing a 7% rise. The population growth in the area, from 15,968 in 2013 to 19,875 in 2022, may have contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
Looking at the most recent data for 2023 and 2024, we observe a slight decline in average home prices followed by a modest increase. In 2023, the average home price in zip code 83716 was $598,064, showing a decrease from the 2022 peak. However, in 2024, the average home price has risen slightly to $605,598. This change coincides with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 83716 may continue to experience moderate growth, albeit at a slower pace than observed in recent years. This projection is based on the area's consistent population growth and the overall upward trend in home values. Average rent prices are expected to follow a similar pattern, with modest increases over the next five years, driven by population growth and demand for housing in the area.
In summary, zip code 83716 has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite significant increases in average home prices. The area has seen consistent population growth, which has likely contributed to rising home values and rent prices. Recent data suggests a potential stabilization in the housing market, with slight fluctuations in average home prices. Moving forward, the interplay between population growth, economic factors, and housing supply will continue to shape the housing market trends in this Idaho community.
