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Zip Code 95917: Rising Home Values and Ownership Rates in Biggs, 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 95917, located in Biggs, California, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a remarkable increase in homeownership, coupled with substantial growth in average home prices and fluctuating average rent prices. The trend of homeownership in zip code 95917 shows a strong upward trajectory from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 61%, which steadily increased to 74% by 2022. This 13 percentage point increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $133,764, and by 2022, it had more than doubled to $350,372. This parallel growth suggests a strong correlation between rising property values and increasing homeownership rates in the area.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, the data for 95917 shows a unique pattern. From 2013 to 2022, homeownership rates increased consistently, even as interest rates fluctuated. For instance, when interest rates were at their lowest (0.08% in 2021), homeownership was at 75%. However, homeownership remained high at 74% in 2022, even as interest rates rose to 1.68%. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Conversely, the percentage of renters in zip code 95917 has decreased over time, dropping from 38% in 2013 to 26% in 2022. This decline in the renter population has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,282, which decreased to $1,104 by 2022. However, rent prices did not follow a linear path, reaching a peak of $1,319 in 2017 before declining. The population growth from 2,600 in 2013 to 3,323 in 2022 may have influenced these trends, potentially indicating a shift towards homeownership as the community expanded.
Looking at the most recent data, the average home price in zip code 95917 for 2023 was $335,266, showing a slight decrease from 2022. In 2024, the average home price further decreased to $332,730. This recent downward trend coincides with a significant increase in interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 95917 may experience a period of stabilization or slight decline in the short term, influenced by the current high interest rates. However, given the area's strong history of appreciation, prices are likely to resume an upward trajectory in the medium to long term. For average rent prices, the forecast suggests a potential increase, particularly if the homeownership rate plateaus and demand for rentals rises.
In summary, zip code 95917 has demonstrated a robust trend of increasing homeownership and rising property values over the past decade. The area has shown resilience in maintaining high homeownership rates despite recent interest rate increases. The inverse relationship between homeownership and renter percentages, coupled with fluctuating rent prices, indicates a dynamic and evolving housing market in this California community.
