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Zip Code 95665: Pine Grove's Rising Home Values and Stable Ownership Rates
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
Pine Grove, located in zip code 95665 in California, is a community that has experienced fluctuating homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in this area. The homeownership rate in Pine Grove has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 87%, and by 2022, it had slightly decreased to 82%. During this period, average home prices in the area saw a significant increase. In 2013, the average home price was $203,971, and by 2022, it had risen to $435,072, representing a substantial 113% increase over nine years.
The relationship between federal interest rates and homeownership rates in Pine Grove doesn't show a clear correlation. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable, only decreasing slightly from 87% to 82%. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership rates in this area than interest rates alone.
Renter percentages in Pine Grove have shown a slight increase from 13% in 2013 to 18% in 2022. Interestingly, average rent prices in the area have fluctuated during this period. In 2013, the average rent was $1,573, peaking at $1,598 in 2016, before declining to $1,437 in 2022. This represents a 9% decrease in average rent prices from 2013 to 2022, despite the increase in the renter population. The population of Pine Grove has also fluctuated, from 4,041 in 2013 to 4,148 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in Pine Grove showed signs of stabilization. The average home price in 2023 was $413,293, a slight decrease from 2022. In 2024, the average home price slightly increased to $414,702. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential trends for the next five years. Average home prices in Pine Grove may continue to show modest growth, potentially reaching around $450,000 by 2029. However, this growth rate is likely to be slower than the rapid increases seen in the previous decade. Average rent prices may stabilize or show slight increases, potentially reaching around $1,550 by 2029, assuming economic conditions remain stable and housing supply keeps pace with demand.
In summary, Pine Grove has experienced a slight decrease in homeownership rates despite significant increases in average home prices over the past decade. The rental market has seen an increase in the percentage of renters, but average rent prices have actually decreased. The recent stabilization of home prices and increase in interest rates may signal a shift in the local housing market dynamics, potentially leading to more moderate growth in both home prices and rent in the coming years.
