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Zip Code 95379: Rising Home Values and Ownership Rates in Tuolumne City, 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 95379, located in Tuolumne City, California, has experienced notable shifts in homeownership and housing market dynamics over the past decade. This area has seen a general trend of increasing homeownership rates, fluctuating average rent prices, and rising average home values in recent years.
The ownership percentage in zip code 95379 has shown a significant upward trend, particularly from 2016 to 2022. In 2016, the homeownership rate was 55%, but it steadily increased to reach 78% by 2022. This substantial rise in homeownership coincided with changes in average home prices. The average home price in 2021 was $320,159, which increased to $357,398 in 2022, representing an 11.6% increase in just one year.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite the federal interest rate increasing from 0.08% in 2021 to 1.68% in 2022, the homeownership rate continued to rise from 74% to 78%. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular area.
Renter percentages in zip code 95379 have generally decreased as homeownership rates increased. In 2016, the renter percentage was 40%, but it declined to 22% by 2022. Interestingly, average rent prices have shown significant volatility during this period. For instance, the average rent peaked at $1,031 in 2015, dropped to $630 in 2016, rose again to $980 in 2018, and then declined to $489 in 2022. This fluctuation in rent prices doesn't show a clear correlation with the decreasing renter percentage, suggesting that local economic factors or housing supply changes may have played a role in both rent price volatility and the shift towards homeownership.
Looking at the most recent data, the average home price in zip code 95379 was $347,999 in 2023 and $345,907 in 2024, showing a slight decrease of 0.6%. This minor decline occurred despite the federal interest rate rising from 5.02% in 2023 to 5.33% in 2024, indicating that local market conditions may be moderating the impact of higher interest rates on home prices in this area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 95379 may continue to experience moderate growth, albeit at a slower pace than seen in recent years due to higher interest rates. Average rent prices, given their historical volatility, are more challenging to predict but may stabilize or see modest increases as the rental market adjusts to the higher homeownership rates.
In summary, zip code 95379 has demonstrated a strong trend towards homeownership, with the rate increasing from 55% to 78% between 2016 and 2022. This shift occurred alongside fluctuating rent prices and rising home values. The area has shown resilience in maintaining homeownership growth and relatively stable home prices even in the face of rising interest rates, suggesting unique local market dynamics. Moving forward, the housing market in this zip code may continue to favor homeownership, with potential for modest growth in both home prices and rent rates, barring any significant economic shifts.
