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Zip Code 95961: Rising Home Values and Stable Ownership in Plumas Lake, 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 95961, located in Plumas Lake, California, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 95961 has shown some variability over the years. In 2013, the homeownership rate stood at 66%, which declined to 62% by 2020. However, there was a notable increase to 66% in 2022. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $149,410, which steadily increased to $322,405 by 2020, and then surged to $441,909 in 2022. This suggests that despite rising home prices, there was a renewed interest in homeownership in recent years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2020 saw relatively low interest rates, ranging from 0.09% to 2.16%. During this time, homeownership rates remained relatively stable, fluctuating between 62% and 66%. The slight dip in homeownership to 62% in 2020 coincided with a drop in interest rates to 0.38%, possibly due to economic uncertainties at that time.
Renter percentages and average rent prices in zip code 95961 have also shown interesting trends. The percentage of renters increased from 34% in 2013 to 38% in 2020, before decreasing to 34% in 2022. Average rent prices have fluctuated over this period, starting at $1,264 in 2013, decreasing to $1,174 in 2015, and then rising to $1,384 in 2021, before slightly decreasing to $1,239 in 2022. These trends suggest a complex interplay between rental demand, housing affordability, and overall economic conditions in the area.
Looking at the most recent data, the average home price in zip code 95961 decreased slightly from $441,909 in 2022 to $428,014 in 2023, but then increased to $440,157 in 2024. This recent uptick in home prices occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. This suggests a resilient housing market in the area, maintaining strong demand despite higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 95961 to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Average rent prices are likely to follow a similar pattern, with moderate increases driven by housing demand and inflation. However, these trends may be influenced by broader economic factors and local market conditions.
In summary, zip code 95961 has demonstrated a dynamic housing market over the past decade. The area has seen an overall increase in homeownership rates and average home prices, with some fluctuations in between. The rental market has also shown variability, with changes in both renter percentages and average rent prices. The recent resilience of home prices in the face of rising interest rates suggests a strong local housing market, but future trends will depend on various economic factors and housing policies.
