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Zip Code 96059: Rising Home Values and Ownership in Rural Manton, 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 96059, located in Manton, California, is a rural area spanning 58.96 square miles. This region has experienced notable shifts in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values.
The homeownership rate in zip code 96059 has shown a consistent upward trend, increasing from 76% in 2014 to 81% in 2022. This 5 percentage point increase in homeownership coincides with a significant rise in average home prices. In 2014, the average home price was $185,575, which steadily climbed to $341,027 by 2022, representing an impressive 83.8% increase over eight years. This strong correlation between rising homeownership rates and increasing home prices suggests a growing demand for property ownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 96059. The period from 2014 to 2020 saw relatively low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the rising homeownership rates, as it made mortgage financing more accessible and affordable for potential buyers. The homeownership rate peaked at 84% in 2020 when interest rates were at a low of 0.38%, further illustrating this relationship.
Conversely, the renter population in zip code 96059 has decreased over time, dropping from 24% in 2014 to 19% in 2022. Despite this decline, average rent prices have shown a significant increase. In 2014, the average rent was $880, which rose to $1,444 by 2022, representing a 64% increase. This substantial rise in rent prices, coupled with a decreasing renter population, suggests a potential shortage of rental properties or an increase in the quality of available rentals in the area.
Looking at the most recent data, the average home price in zip code 96059 decreased slightly to $328,395 in 2023 but is projected to rise again to $337,469 in 2024. This recent fluctuation occurs alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 96059 will continue to rise, albeit at a more moderate pace due to the current higher interest rate environment. We expect average home prices to reach approximately $370,000 to $390,000 by 2029. Average rent prices are also projected to increase, potentially reaching $1,700 to $1,800 per month by 2029, assuming the current trends persist.
In summary, zip code 96059 has experienced a significant increase in homeownership rates and property values over the past decade. The area has seen a substantial rise in both average home prices and rent prices, despite a decreasing renter population. The recent increase in federal interest rates may moderate future growth, but the overall trend suggests continued appreciation in the local real estate market.
