Loading Content...
Zip Code 95627: Esparto's Stable Homeownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Esparto, situated in zip code 95627 in California, is a small community that has witnessed notable changes in its housing market over the past decade. The area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Esparto has maintained relative stability, with minor fluctuations over the years. In 2013, the homeownership rate stood at 72%, and by 2022, it remained at 72%. However, there were some variations in between, with the rate decreasing to 68% in 2016 before recovering. Average home prices in the area have demonstrated a clear upward trend. In 2013, the average home price was $195,462, and it steadily increased to $483,925 by 2022, representing a substantial 147% increase over this period. The correlation between federal interest rates and homeownership rates in Esparto is evident. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively high, fluctuating between 68% and 72%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some volatility but generally remained strong, suggesting that other local factors may have influenced homeownership decisions in this area.
Renter percentages in Esparto have exhibited slight fluctuations, inversely mirroring the homeownership trends. In 2013, the renter percentage was 28%, and it reached a peak of 32% in 2016 before settling back to 28% in 2022. Average rent prices have shown a gradual increase over the years. In 2013, the average rent was $1,252, and it rose to $1,353 by 2022, representing an 8% increase. This trend in rent prices appears to be less dramatic than the increase in home prices, potentially influencing the stability of the renter population.
The most recent data reveals that the average home price in Esparto for 2023 was $462,557, showing a slight decrease from the 2022 peak. However, in 2024, the average home price has rebounded to $472,294. This recent trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, average home prices in Esparto are expected to continue their overall upward trajectory, albeit at a potentially slower pace due to higher interest rates. Average rent prices are likely to follow a similar pattern, with gradual increases to keep pace with inflation and housing demand in the area.
In summary, Esparto has experienced significant growth in average home prices over the past decade, with a more modest increase in average rent prices. Homeownership rates have remained relatively stable despite these changes, suggesting a strong local preference for homeownership. The recent spike in interest rates may introduce new dynamics to the housing market, potentially affecting both home prices and ownership rates in the coming years.
-city-93003.webp%3F&w=3840&q=75)
