Loading Content...
Zip Code 93308: Rising Home Values and Shifting Ownership in Oildale's Oil Industry Heritage
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 93308, located in Oildale, California, has experienced significant changes in its housing market over the past decade. This area, known for its proximity to oil fields and suburban character, has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 93308 has shown a declining trend from 2013 to 2022. In 2013, 52% of residents were homeowners, but by 2019, this figure had dropped to 44%. There was a slight recovery in recent years, with homeownership reaching 47% in 2022. This trend coincides with fluctuations in average home prices. The average home price in the area rose from $140,587 in 2013 to $310,921 in 2022, representing a substantial increase of 121% over this period. The most significant annual jump occurred between 2020 and 2021, with average home prices rising from $227,192 to $265,888, a 17% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in zip code 93308. The period of historically low interest rates from 2013 to 2021, with rates often below 1%, coincided with the initial decline in homeownership. This suggests that other factors, such as rising home prices, may have outweighed the benefits of low interest rates for potential buyers. The slight recovery in homeownership rates in 2021 and 2022 occurred as interest rates began to rise, possibly indicating a rush to purchase before rates increased further.
The renter population in zip code 93308 has grown correspondingly with the decline in homeownership. The percentage of renters increased from 48% in 2013 to 56% in 2019, before slightly decreasing to 53% in 2022. Average rent prices have also risen, though not as dramatically as home prices. In 2013, the average rent was $1,100, increasing to $1,222 by 2022, a 11.1% rise. The population growth from 52,961 in 2013 to 54,268 in 2022 likely contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 93308 continued to evolve. The average home price reached $317,165 in 2023 and further increased to $331,754 in 2024, showing continued growth despite higher interest rates. Federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift from the low-rate environment of previous years.
Looking ahead, predictive models suggest that average home prices in zip code 93308 may continue to rise over the next five years, albeit at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the ongoing demand for rental properties. However, the rate of increase for both home prices and rents may slow compared to the rapid growth seen in recent years.
In summary, zip code 93308 has experienced a shift towards a renter-majority population, with homeownership rates declining and then slightly recovering in recent years. Average home prices have shown substantial growth, particularly between 2020 and 2022. The rental market has also seen steady increases in both the number of renters and average rent prices. The interplay between interest rates, housing affordability, and population growth continues to shape the housing market dynamics in this California community.
