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Zip Code 95674: Rio Oso's Fluctuating Home Values and 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
Rio Oso, located in zip code 95674 in California, is a rural community known for its agricultural heritage. This area has experienced fluctuating homeownership rates over the past decade, with a general trend towards increased owner occupancy. Average home prices have shown significant growth, while average rent prices have remained relatively stable with some variations.
The homeownership rate in Rio Oso has seen an overall increase from 67% in 2013 to 73% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices, which grew from $288,936 in 2013 to $647,164 in 2022, representing a 124% increase. The relationship between homeownership and home prices suggests that despite rising costs, residents have been increasingly able or willing to purchase homes in the area.
Federal interest rates have played a role in homeownership trends in Rio Oso. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the initial increase in homeownership from 67% to 70% during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates fluctuated but ultimately increased to 74% by 2019, suggesting other local factors may have influenced this trend.
Renter percentages in Rio Oso have generally decreased, from 32% in 2013 to 27% in 2022. Interestingly, average rent prices have shown a downward trend, decreasing from $1,306 in 2013 to $991 in 2022. This decline in both renter percentages and average rent prices could be attributed to the area's shifting demographics or economic factors encouraging homeownership over renting.
In 2023 and 2024, Rio Oso experienced a notable shift in the housing market. Average home prices decreased from $647,164 in 2022 to $597,710 in 2023, and further to $589,490 in 2024. This decline coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of home prices by making mortgages more expensive for potential buyers.
Looking ahead, based on recent trends and current economic conditions, we can forecast the following 5-year trends for Rio Oso:
Average home prices are likely to stabilize or show modest growth after the recent decline, potentially reaching around $625,000 by 2029. Average rent prices may see a slight increase, potentially reaching $1,100 per month by 2029, as the rental market adjusts to changes in homeownership rates and overall housing demand.
In summary, Rio Oso has experienced a significant increase in homeownership rates and average home prices over the past decade, with a recent cooling in the housing market due to rising interest rates. The rental market has shown a downward trend in both occupancy and prices. These patterns reflect the dynamic nature of the local real estate market and its responsiveness to broader economic factors.
