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Zip Code 95380: Rising Home Values and Steady Ownership in Turlock, 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 95380, located in Turlock, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual shift in its housing market dynamics, reflecting broader economic trends and local demographic changes.
The homeownership rate in zip code 95380 has shown a slight upward trend in recent years. In 2013, the homeownership rate was 46%, and it remained relatively stable until 2021. However, in 2022, there was a notable increase to 49%, indicating a growing preference for homeownership in the area. This rise in homeownership coincides with substantial growth in average home prices. In 2013, the average home price was $164,749, which more than doubled to $435,495 by 2022, representing a 164% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.68%), the homeownership rate remained relatively stable at around 46-47%. However, the jump to 49% homeownership in 2022 occurred when interest rates rose to 1.68%, suggesting that other factors, such as local economic conditions or housing supply, may have played a more significant role in driving homeownership in this area.
Renter percentages in zip code 95380 have shown a slight decrease, moving from 54% in 2013 to 51% in 2022. This change corresponds with an increase in average rent prices. In 2013, the average rent was $1,036, which rose to $1,109 by 2022, an increase of about 7% over nine years. The population of the zip code also grew during this period, from 39,842 in 2013 to 42,373 in 2022, potentially contributing to the upward pressure on rent prices.
In 2023, the average home price in zip code 95380 experienced a slight decrease to $425,188, down from $435,495 in 2022. This dip coincided with a significant increase in federal interest rates to 5.02%. However, in 2024, the average home price rebounded to $438,380, surpassing the 2022 level, despite a further increase in interest rates to 5.33%. This resilience in home prices suggests strong underlying demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 95380. Average home prices are likely to continue their upward trajectory, potentially reaching around $500,000 by 2029, assuming a moderate annual growth rate of 2-3%. Average rent prices may also continue to rise, potentially reaching $1,300-$1,400 per month by 2029, factoring in historical increases and potential market pressures.
In summary, zip code 95380 has demonstrated a robust housing market with increasing homeownership rates, substantial growth in average home prices, and moderate increases in average rent prices. The area has shown resilience to rising interest rates, maintaining strong home values even in a higher interest rate environment. These trends suggest a growing desirability of the area and potential for continued appreciation in both the ownership and rental markets in the coming years.
