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Zip Code 93644: Rural Housing Dynamics in Oakhurst, 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 93644, located in Oakhurst, California, is a picturesque area spanning 234.36 square miles. This region has experienced notable fluctuations in homeownership rates and housing prices over the past decade. From 2013 to 2022, the area saw a slight decrease in homeownership, while average home prices and average rent prices exhibited varying trends.
The homeownership rate in zip code 93644 decreased from 80% in 2013 to 77% in 2022. During this same period, average home prices showed a significant upward trend. In 2013, the average home price was $198,507, which steadily increased to $429,623 by 2022, representing a substantial 116% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends in the area. In 2013, when interest rates were at a low 0.11%, homeownership was at 80%. As interest rates gradually increased to 1.68% by 2022, homeownership decreased slightly to 77%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in zip code 93644 increased from 19% in 2013 to 23% in 2022. Interestingly, average rent prices showed a downward trend during this period. In 2013, the average rent was $1,258, which decreased to $1,112 by 2022, a 12% reduction. This decrease in average rent prices, coupled with the increase in the renter population, might indicate a shift towards more affordable rental options in the area or an increase in the supply of rental properties.
In 2023 and 2024, the housing market in zip code 93644 showed signs of stabilization. The average home price in 2023 was $421,298, a slight decrease from 2022. However, in 2024, the average home price increased to $428,119, indicating a recovery. Notably, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in zip code 93644 will continue to increase moderately over the next five years. However, the rate of increase may slow down compared to the rapid growth observed between 2013 and 2022. Average rent prices are expected to stabilize and potentially show a slight upward trend, reversing the previous downward pattern as demand for rentals continues to grow.
In summary, zip code 93644 has experienced a slight decrease in homeownership rates alongside substantial increases in average home prices from 2013 to 2022. The rental market has seen an increase in the renter population despite decreasing average rent prices. Recent data from 2023 and 2024 suggests a stabilization in the housing market, with a slight recovery in home prices and significantly higher interest rates. These trends indicate a dynamic real estate market in the area, with potential for continued growth and changes in the coming years.
