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Zip Code 95650: Rising Home Values and Ownership Rates in Loomis, 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 95650, located in Loomis, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its rural charm and proximity to Sacramento, has seen a general trend of increasing homeownership and rising property values. The homeownership rate in zip code 95650 has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate was 83%, and by 2022, it had increased to 89%, representing a 6 percentage point increase over this period. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $389,518, which more than doubled to $898,009 by 2022. This significant appreciation in home values likely contributed to the increased desire for homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 95650. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with a steady increase in homeownership rates, from 83% in 2013 to 84% in 2020. The historically low interest rates in 2020 and 2021 (0.38% and 0.08% respectively) may have further incentivized homeownership, as evidenced by the jump to 86% homeownership in 2021 and 89% in 2022.
The rental market in zip code 95650 has shown inverse trends to homeownership. The percentage of renters decreased from 16% in 2013 to 11% in 2022. Despite this decrease, average rent prices have generally increased over the same period. In 2013, the average rent was $1,457, which rose to $1,776 by 2022, representing a 22% increase. This increase in rent prices, coupled with the growing population (from 12,299 in 2013 to 15,843 in 2022), suggests a competitive rental market despite the shrinking proportion of renters.
In 2023 and 2024, the housing market in zip code 95650 experienced some fluctuations. The average home price slightly decreased to $859,870 in 2023 but showed signs of recovery in 2024, reaching $886,402. This trend occurred alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Looking ahead, predictive models suggest that average home prices in zip code 95650 may continue to rise moderately over the next five years, potentially reaching around $950,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,200 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 95650 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The interplay between low interest rates, population growth, and appreciating home values has contributed to a robust housing market in this California town. While the rental market has shrunk proportionally, it remains competitive with rising average rents. The recent uptick in interest rates and slight fluctuations in home prices suggest a potential shift in market dynamics that will be important to monitor in the coming years.
