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Zip Code 95313 in Modesto: Average Home Values Soar Amid Fluctuating Ownership Rates
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 95313, located in Modesto, California, covers an area of 37.97 square miles. This rural area has experienced fluctuations in homeownership rates and significant increases in both average home prices and average rent prices over the past decade.
The homeownership rate in zip code 95313 has shown slight variations between 2013 and 2022. In 2013, the ownership rate was 49%, which increased to 52% in 2019, the highest point in the observed period. However, by 2022, it had decreased slightly to 48%. During this same period, average home prices experienced substantial growth. In 2013, the average home price was $263,579, which more than doubled to $752,877 by 2022, representing a 185% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in the zip code actually decreased from 49% to 43%. This suggests that other local factors were influencing homeownership more strongly than interest rates during this period. As interest rates began to rise from 2016 to 2019 (reaching 2.16% in 2019), homeownership rates in the area increased to 52%, contrary to the typical trend where higher interest rates often discourage homeownership.
Renter percentages in zip code 95313 have also fluctuated, with a peak of 57% in 2016 and a low of 48% in 2019. Average rent prices have shown a steady upward trend, increasing from $883 in 2013 to $1,235 in 2022, a 40% increase. The population in the zip code grew from 1,341 in 2013 to 1,399 in 2022, which may have contributed to the rise in rent prices due to increased demand for housing.
In 2023 and 2024, the housing market in zip code 95313 experienced some changes. The average home price decreased from $752,877 in 2022 to $698,263 in 2023, a 7.3% drop. However, in 2024, prices rebounded slightly to $721,147, a 3.3% increase from 2023. Interestingly, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which typically would put downward pressure on home prices.
Looking ahead, predictive models suggest that average home prices in zip code 95313 may continue to rise moderately over the next five years, potentially reaching around $800,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe.
In summary, zip code 95313 has experienced substantial growth in both average home prices and average rent prices over the past decade, despite fluctuations in homeownership rates. The area has shown resilience in the face of rising interest rates, with home prices rebounding in 2024 after a brief decline in 2023. The coming years are likely to see continued growth in both the housing and rental markets, reflecting the ongoing demand for housing in this Modesto zip code.
