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Zip Code 95728: Mountain Community's Home Values and Ownership Trends in Kingvale, 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
Kingvale, located in zip code 95728 in California, is a small community nestled in the Sierra Nevada mountains. This area has experienced significant shifts in homeownership rates and housing prices over the past decade, with a notable trend towards increased owner-occupancy in recent years.
The homeownership rate in Kingvale has shown a remarkable upward trend, particularly from 2017 to 2022. In 2017, the area had a 63% owner-occupancy rate, which steadily increased to reach 87% by 2022. This substantial rise in homeownership coincided with a significant increase in average home prices. In 2017, the average home price was $460,265, and by 2022, it had risen to $783,104, representing a 70% increase over five years.
The relationship between federal interest rates and homeownership rates in Kingvale appears to be complex. Despite the general trend of lower interest rates encouraging homeownership, this area saw its highest increase in owner-occupancy during a period of rising interest rates. For instance, from 2017 to 2019, when interest rates increased from 1% to 2.16%, the homeownership rate jumped from 63% to 96%. This suggests that local factors may have a stronger influence on homeownership trends in this specific area than national interest rates.
Renter percentages in Kingvale have generally decreased as homeownership rates increased. In 2013, renters occupied 58% of housing units, with an average rent of $1,750. By 2022, the renter-occupied percentage had dropped dramatically to just 12%, with the average rent at $796. This significant decrease in both renter percentage and average rent prices occurred despite fluctuations in the local population, which ranged from a low of 215 in 2019 to a high of 354 in 2013.
In 2023 and 2024, the average home prices in Kingvale experienced a slight decline, with values of $736,984 and $729,274 respectively. This represents a 6% decrease from the 2022 peak of $783,104. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially contributing to the cooling of home prices.
Looking ahead, based on recent trends, we can expect the average home prices in Kingvale to stabilize or potentially increase slightly over the next five years, assuming interest rates remain relatively stable. The area's desirable location and limited housing supply may continue to support property values. Average rent prices might see a moderate increase as the rental market tightens due to the high rate of owner-occupancy.
In summary, Kingvale has transformed from a community with a balanced mix of owners and renters to one heavily dominated by homeowners. This shift has occurred alongside significant increases in average home prices, while average rent prices have fluctuated. The area's resilience in maintaining high homeownership rates despite rising interest rates suggests a strong local housing market driven by factors beyond just national economic trends.
