Loading Content...
Zip Code 95338: Home Values and Ownership Trends in Mariposa, California
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 95338, located in Mariposa, California, is a rural area known for its proximity to Yosemite National Park. This region has experienced fluctuating homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home prices.
The homeownership rate in zip code 95338 has shown a gradual increase over time, rising from 68% in 2016 to 73% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2016, the average home price was $268,557, which steadily climbed to $418,392 by 2022, representing a 55.8% increase over six years. This trend suggests that despite rising prices, more residents in the area have been able to purchase homes.
Federal interest rates have played a role in homeownership trends in the area. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates increased from 70% to 71%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in zip code 95338 has shown a corresponding decrease as homeownership increased. The percentage of renters dropped from 32% in 2016 to 27% in 2022. Interestingly, average rent prices have not shown a consistent trend during this period. Average rent peaked at $1,096 in 2014, dropped to $896 in 2018, and then rose again to $1,061 in 2022. The fluctuation in rent prices doesn't appear to directly correlate with the decreasing renter population, suggesting other factors such as local economic conditions or housing supply may be influencing rent prices.
In 2023 and 2024, we see a slight reversal in the trend of rising home prices. The average home price in 2023 was $406,674, a 2.8% decrease from 2022. This trend continues into 2024, with average home prices further decreasing to $395,945. Notably, federal interest rates have significantly increased during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the area.
Looking ahead, based on recent trends and current economic conditions, we can predict that average home prices in zip code 95338 may continue to decrease slightly or stabilize over the next five years. This prediction takes into account the current higher interest rates, which typically slow down housing market growth. As for rent prices, they may see a moderate increase as the rental market adjusts to potential shifts in housing demand due to higher mortgage rates.
In summary, zip code 95338 has seen a trend towards increased homeownership and rising home prices from 2016 to 2022, followed by a recent cooling in the housing market. The area has experienced fluctuating rent prices and a decreasing renter population. The interplay between federal interest rates, homeownership rates, and housing prices demonstrates the complex dynamics of the local real estate market in this California community.
