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Zip Code 95374: Rising Home Values and Shifting Ownership Patterns in Stevinson, 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 95374, located in Stevinson, California, presents an intriguing case study of housing market dynamics in a small, rural community. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The relationship between homeownership rates and average home prices in zip code 95374 reveals interesting patterns. In 2013, the homeownership rate stood at 54%, with an average home price of $203,130. As average home prices steadily increased, reaching $328,047 in 2016, the homeownership rate slightly decreased to 51%. This trend continued, with average home prices climbing to $403,830 in 2019, while the homeownership rate further declined to 49%. By 2022, the average home price had surged to $587,833, coinciding with a homeownership rate of 44%, indicating a potential affordability challenge for local residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 95374. During periods of low interest rates, such as from 2013 to 2016 when rates remained below 0.5%, homeownership rates remained relatively stable around 51-54%. However, as interest rates began to rise, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates showed a slight decline to 48-49%. This trend suggests that higher interest rates may have made home financing less accessible for some residents in the area.
Renter percentages and average rent prices in zip code 95374 have shown a generally inverse relationship to homeownership trends. As homeownership rates declined from 54% in 2013 to 44% in 2022, the percentage of renters increased from 45% to 56%. Average rent prices, however, have fluctuated over this period. In 2013, the average rent was $1,009, dropping to $908 in 2015 before rising again to $994 in 2022. These fluctuations may be influenced by changes in local housing supply and demand, as well as broader economic factors affecting the region.
Looking at the most recent data, the average home price in zip code 95374 for 2023 was $576,902, showing a slight decrease from the 2022 figure. However, in 2024, the average home price has rebounded to $594,723. This upward trend coincides with higher interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. These higher interest rates may impact affordability and potentially influence future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 95374 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $650,000 to $700,000 by 2029. For rent prices, we expect a steady increase, potentially reaching an average of $1,100 to $1,200 per month within the next five years, assuming current economic conditions persist.
In summary, zip code 95374 has experienced a notable shift from homeownership to renting over the past decade, coinciding with substantial increases in average home prices. The interplay between federal interest rates, housing affordability, and local market dynamics has shaped these trends. As we look to the future, continued monitoring of these factors will be crucial in understanding the evolving housing landscape in this California community.
