Loading Content...
Zip Code 95202: Rising Home Values and Declining Ownership in Stockton's Urban Core
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 95202, located in Stockton, California, has experienced significant fluctuations in its housing market over the past decade. This area is characterized by a predominantly renter-occupied population and has seen notable changes in average home prices and rent costs.
The homeownership rate in zip code 95202 has remained consistently low, fluctuating between 5% and 8% from 2013 to 2022. Despite this low rate, average home prices have shown a substantial upward trend. In 2010, the average home price was $127,006, which increased dramatically to $364,578 by 2022, representing a 187% increase over 12 years. This trend suggests that while homeownership rates remained low, property values in the area appreciated significantly.
Federal interest rates have played a role in shaping the housing market in 95202. From 2010 to 2016, interest rates remained below 0.5%, coinciding with a period of steady growth in average home prices. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed slight fluctuations but remained relatively stable around 7%. This suggests that despite rising interest rates, other factors may have influenced the persistent low homeownership rates in this zip code.
The renter population in 95202 has consistently accounted for over 90% of occupied housing units. The percentage of renters increased from 93% in 2013 to 95% in 2022. During this period, average rent prices also saw an upward trend. In 2013, the average rent was $602, which increased to $759 by 2022, representing a 26% increase. The high renter population coupled with rising rent prices indicates a strong demand for rental properties in this area.
In 2023, the average home price in 95202 decreased to $341,745, marking a 6.3% decline from the previous year. This trend continued into 2024, with average home prices further decreasing slightly to $341,111. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the cooling of home prices in the area.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in 95202 may experience modest growth over the next five years. However, this growth is likely to be more moderate compared to the rapid appreciation seen in the early 2020s. Average rent prices are expected to continue their upward trajectory, potentially reaching around $900-$950 by 2029, driven by the persistently high demand for rental properties in the area.
In summary, zip code 95202 presents a unique housing market characterized by low homeownership rates, rapidly appreciating property values, and a dominant renter population. The recent cooling of home prices, coupled with rising interest rates, suggests a potential shift in market dynamics. However, the strong rental market and historical trends indicate that this area will likely continue to be predominantly renter-occupied with steady increases in both home values and rent prices over the coming years.
