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Zip Code 95366: Ripon's Rising Home Values and Stable 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 95366, located in Ripon, California, has shown interesting demographic and housing market trends over the past decade. This area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic and social changes in the region.
The homeownership rate in zip code 95366 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate was 67%, and by 2022, it stood at 68%. During this period, average home prices in the area saw significant growth. In 2013, the average home price was $287,171, and by 2022, it had increased to $678,045, representing a substantial 136% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a relatively consistent level of homeownership.
Federal interest rates have played a role in homeownership trends in zip code 95366. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate increased slightly from 67% to 69%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, the homeownership rate remained relatively stable, suggesting other factors were also influencing homeownership decisions in this area.
Renter percentages in zip code 95366 have shown slight variations over the years. In 2013, the renter-occupied rate was 31%, and by 2022, it stood at 32%. During this period, average rent prices experienced moderate growth. In 2013, the average rent was $1,418, and by 2022, it had increased to $1,471, representing a 3.7% increase over nine years. This relatively modest increase in rent prices, compared to the substantial rise in home prices, may have contributed to the stability in renter percentages. The population of the zip code also grew during this period, from 16,612 in 2013 to 18,103 in 2022, which could have influenced the demand for rental properties.
In 2023 and 2024, the housing market in zip code 95366 showed some interesting developments. The average home price in 2023 was $655,150, indicating a slight decrease from the 2022 price of $678,045. However, in 2024, the average home price rebounded to $678,687, surpassing the 2022 level. This recovery occurred despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than the rates seen in previous years.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 95366 may continue to show moderate growth over the next five years. However, the rate of increase might be slower compared to the rapid growth seen in the past decade. Average rent prices are likely to continue their gradual upward trend, potentially increasing at a rate slightly above inflation.
In summary, zip code 95366 has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite significant increases in average home prices. The rental market has shown more modest growth, both in terms of renter percentages and average rent prices. The area's ability to maintain homeownership levels in the face of rising home prices and fluctuating interest rates suggests a strong local economy and continued desirability of the area for residents.
