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Zip Code 85920: Rising Home Values and Ownership Trends in Alpine's Rural Arizona Community
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
Alpine, located in zip code 85920 in Arizona, is a small rural community that has experienced fluctuating population and housing trends over the past decade. The area has seen shifts in homeownership rates and average rent prices, reflecting the dynamic nature of this mountain town's real estate market.
The homeownership rate in Alpine has shown resilience over the years, with a general upward trend. In 2013, the homeownership rate stood at 87%, and by 2022, it remained strong at 84%. This high rate of homeownership suggests a stable community with long-term residents. Despite some fluctuations, such as a dip to 77% in 2015, the overall trend indicates a preference for homeownership in this area.
Federal interest rates have played a role in homeownership trends in Alpine. During periods of lower interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates remained relatively stable, hovering around 80%. As interest rates began to rise in 2017 and 2018, reaching 1.83% in 2018, homeownership rates actually increased slightly to 82% in 2017 and 80% in 2018, suggesting that other local factors may have a stronger influence on homeownership in this small community than national interest rate trends.
Renter percentages in Alpine have fluctuated inversely to homeownership rates, as expected. The renter population peaked at 21% in 2015 when homeownership was at its lowest. Average rent prices have shown an overall upward trend, increasing from $724 in 2013 to $775 in 2022, with a notable jump to $851 in 2021. This increase in rent prices, coupled with the relatively stable homeownership rates, suggests that the rental market in Alpine remains competitive despite the community's preference for owner-occupied housing.
In 2023 and 2024, Alpine experienced a significant increase in average home prices. The average home price in 2023 was $384,884, rising to $413,018 in 2024. This substantial growth of 7.3% in just one year indicates a robust housing market in the area. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead to the next five years, based on recent trends, we can expect average home prices in Alpine to continue their upward trajectory. If the current growth rate persists, average home prices could potentially reach around $550,000 by 2029. Average rent prices are also likely to increase, potentially reaching $900-$950 per month within the same timeframe, assuming a steady growth rate similar to recent years.
In summary, Alpine in zip code 85920 demonstrates a strong preference for homeownership, with rates consistently above 80% in recent years. The area has seen rising average rent prices and a significant jump in average home prices, indicating a growing demand for housing in this rural Arizona community. Despite rising interest rates, the local real estate market appears robust, with potential for continued growth in both home values and rental rates over the next five years.
