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Zip Code 96035: Rising Home Values and Stable Ownership in Proberta, 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 96035, located in Proberta, California, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This rural area has shown resilience in its housing market, with notable shifts in both ownership patterns and property values.
The homeownership rate in zip code 96035 has remained relatively stable, fluctuating between 65% and 73% from 2013 to 2022. In 2013, the homeownership rate stood at 66%, gradually increasing to a peak of 73% in 2018. However, by 2022, it settled at 68%. Concurrently, average home prices in the area have shown a significant upward trend. In 2012, the average home price was $97,385, which more than tripled to $297,503 by 2022, representing a remarkable 205% increase over this period.
The relationship between federal interest rates and homeownership rates in zip code 96035 presents an interesting dynamic. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable, only varying by a few percentage points. This suggests that other local factors, such as employment opportunities or housing supply, may have played a more significant role in homeownership decisions in this area than national interest rate trends.
Renter percentages in zip code 96035 have inversely mirrored homeownership rates, ranging from 27% to 35% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $1,025, which decreased to $848 in 2017 and 2018, before rising again to $1,240 in 2021. By 2022, the average rent had decreased to $942. This fluctuation in rent prices does not seem to correlate strongly with the percentage of renters, suggesting that local economic factors or housing supply changes may have influenced rent prices more than demand from renters.
In 2023 and 2024, zip code 96035 experienced a correction in the housing market. The average home price decreased from its peak of $297,503 in 2022 to $265,137 in 2023, and further to $258,584 in 2024. This represents a 13.1% decrease over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007. These higher interest rates likely contributed to the cooling of the housing market in this area.
Looking ahead, predictive models suggest that average home prices in zip code 96035 may stabilize or show modest growth over the next five years, assuming interest rates remain relatively high. The recent price correction could make homeownership more attainable for some residents. Average rent prices are projected to increase gradually, potentially reaching around $1,100 to $1,200 by 2029, driven by inflation and any improvements in local economic conditions.
In summary, zip code 96035 has demonstrated a robust housing market with steadily increasing home values over the past decade, despite relatively stable homeownership rates. The recent cooling in home prices, coupled with higher interest rates, may reshape the local real estate landscape in the coming years. The rental market's volatility suggests a need for close monitoring of local economic factors that influence housing demand and supply in this rural California community.
