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Zip Code 83836: Rising Home Values and Strong Ownership Trends in Rural 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 83836, located in Hope, Idaho, has experienced notable shifts in homeownership rates and property values over the past decade. This area, characterized by its rural setting and relatively low population density, has seen interesting dynamics in its real estate market. The homeownership rate in zip code 83836 has shown a general upward trend from 2013 to 2022. In 2013, 85% of residents were homeowners, which dipped slightly to 79% in 2015. However, the rate rebounded and steadily increased, reaching 89% by 2022. This rise in homeownership coincided with a significant increase in average home prices. The average home price in 2013 was $301,264, which more than doubled to $747,442 by 2022, representing a substantial 148% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively stable, fluctuating between 79% and 85%. Interestingly, the homeownership rate reached its peak of 89% in 2022 when interest rates began to rise significantly to 1.68%, suggesting that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 83836 have generally decreased as average rent prices increased. In 2013, 15% of residents were renters, with an average rent of $1,300. The renter percentage peaked at 21% in 2015 when the average rent was $1,212. However, as average rent prices climbed to $1,543 in 2022, the renter percentage dropped to 10%, its lowest point in the observed period. This inverse relationship suggests that rising rent prices may have encouraged more residents to transition to homeownership or relocate from the area.
In 2023 and 2024, the average home prices in zip code 83836 experienced a slight decline followed by a modest increase. The average home price in 2023 was $720,683, representing a 3.6% decrease from 2022. However, in 2024, the price rebounded to $732,540, a 1.6% increase from the previous year. This occurred against a backdrop of high federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially influencing buyer behavior and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 83836 may continue to rise moderately over the next five years, potentially reaching around $800,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,700 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, zip code 83836 has demonstrated a strong trend towards homeownership, with rates reaching 89% by 2022 despite significant increases in average home prices. The area has shown resilience in its real estate market, with property values more than doubling over a decade. The inverse relationship between rising rent prices and decreasing renter percentages suggests a shift towards homeownership or outward migration of renters. As the market continues to evolve, it will be crucial to monitor how these trends impact the local community and housing affordability in Hope, Idaho.
