Loading Content...
Zip Code 83835: Rising Home Values and Strong Ownership Trends in Hayden, Idaho
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 83835, located in Hayden, Idaho, has experienced significant changes in homeownership, housing prices, and rental trends over the past decade. This area has seen a steady increase in population, growing from 19,707 residents in 2010 to 23,154 in 2022, indicating a growing demand for housing in the region.
The homeownership rate in zip code 83835 has shown a consistent upward trend, rising from 82% in 2013 to 86% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $208,773, which more than doubled to $599,692 by 2022. This correlation suggests that despite rising prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 83835. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates increased from 82% to 83%. As interest rates began to rise more sharply from 2017 onwards, homeownership rates continued to climb, reaching 86% by 2022. This trend indicates that other factors, such as local economic conditions and housing market dynamics, may have outweighed the impact of rising interest rates on homeownership decisions in this area.
The rental market in zip code 83835 has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 16% in 2013 to 14% in 2022. Average rent prices have remained relatively stable during this period, fluctuating between $1,223 and $1,352 per month. The slight decrease in the renter population, coupled with stable rent prices, suggests a balanced rental market despite the growing overall population.
In 2023 and 2024, the average home prices in zip code 83835 continued to rise, albeit at a slower pace. The average home price reached $604,971 in 2023 and $606,037 in 2024. This represents a significant slowdown in price growth compared to previous years, possibly influenced by the sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the trends observed, we can expect the average home prices in zip code 83835 to continue rising, but at a more moderate pace. Over the next five years, average home prices could potentially reach around $650,000 to $700,000, assuming current economic conditions persist. Average rent prices are likely to remain relatively stable, possibly increasing slightly to keep pace with inflation, potentially reaching $1,300 to $1,400 per month within the next five years.
In summary, zip code 83835 has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The rental market has remained stable, with a slight decrease in the renter population. The recent slowdown in home price growth, coupled with higher interest rates, suggests a potential shift towards a more balanced housing market in the coming years. These trends indicate a resilient and evolving housing market in Hayden, Idaho.
