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Zip Code 93277: Rising Home Values and Stable Ownership Rates in Visalia, California
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 93277, located in Visalia, California, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while average rent prices and homeownership rates have fluctuated.
The homeownership rate in zip code 93277 has shown some variability over the years. In 2013, the homeownership rate stood at 57%. It remained stable until 2016, then dipped slightly to 55% in 2017. However, by 2022, it had risen to 59%, indicating a growing preference for homeownership in recent years. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $162,684. By 2022, it had more than doubled to $353,613, representing a 117% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at 57%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 55-56%. However, despite a sharp increase in interest rates to 1.68% in 2022, homeownership actually increased to 59%, suggesting that other factors may have influenced buying decisions in this area.
Renter percentages in zip code 93277 have generally mirrored the inverse of homeownership rates, as expected. The renter percentage was 43% from 2013 to 2016, increased slightly to 45% in 2017, and then decreased to 41% by 2022. Average rent prices have shown some fluctuation during this period. In 2013, the average rent was $1,159. It decreased to $1,105 in 2016, then rose again to $1,172 in 2022. This represents a modest overall increase of 1.1% from 2013 to 2022. The population of the zip code has also grown during this period, from 51,274 in 2013 to 53,841 in 2022, which may have contributed to the slight upward pressure on rent prices.
Looking at the most recent data, the average home price in zip code 93277 reached $354,234 in 2023 and further increased to $362,624 in 2024. This represents a 2.4% increase from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting home buying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 93277 will continue to rise, albeit at a more moderate pace. Based on historical data and current economic conditions, we project average home prices could reach approximately $400,000 to $425,000 by 2029. For average rent prices, we forecast a continued gradual increase, potentially reaching $1,300 to $1,350 per month by 2029.
In summary, zip code 93277 has experienced a significant increase in average home prices over the past decade, with a recent uptick in homeownership rates despite rising interest rates. Rent prices have shown more modest growth, and the area has seen steady population growth. The coming years are likely to see continued appreciation in both home values and rent prices, though potentially at a more moderate pace than in recent years.
