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Zip Code 96064: Rising Home Values and Ownership Rates in Spacious Montague, 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 96064, located in Montague, California, presents an interesting case study of housing trends in a rural area. This zip code, spanning 609.89 square miles, has seen fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a slight increase in homeownership, coupled with significant growth in average home prices and variable average rent prices.
The homeownership rate in zip code 96064 has shown a gradual increase from 2013 to 2022. In 2013, the ownership rate was 70%, which steadily rose to 75% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $121,937, which more than doubled to $268,338 by 2022. This significant appreciation in home values, coupled with the increasing homeownership rate, suggests that despite rising prices, residents in this area have been able to enter the housing market.
Federal interest rates have played a role in shaping homeownership trends in zip code 96064. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 70% to 73%, likely influenced by the favorable borrowing conditions. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, albeit at a slower pace, reaching 75% in 2022. This suggests that other local factors, such as job market stability or lifestyle preferences, may have contributed to the sustained increase in homeownership despite rising interest rates.
The renter population in zip code 96064 has experienced a corresponding decline as homeownership increased. The percentage of renters decreased from 30% in 2013 to 25% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $956, which decreased to $818 in 2016 before rising again to $972 in 2021, and then dropping to $831 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market possibly influenced by local economic factors and housing supply dynamics.
Looking at the most recent data, the average home price in zip code 96064 decreased slightly from $268,338 in 2022 to $260,168 in 2023, and further to $259,485 in 2024. This slight downturn comes as federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on the local housing market, potentially making homeownership less affordable for some buyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 96064 may experience moderate growth, albeit at a slower pace than the rapid appreciation seen in the early 2020s. This projection is based on the area's historical price trends and the current higher interest rate environment. Average rent prices are expected to stabilize and potentially show modest increases, reflecting the area's relatively stable renter population and the overall housing market conditions.
In summary, zip code 96064 has demonstrated a trend of increasing homeownership and rising average home prices over the past decade. The recent slight decrease in home prices, coupled with higher interest rates, suggests a potential shift in the market dynamics. The rental market has shown volatility, with fluctuating average rent prices despite a decreasing renter population. These trends highlight the complex interplay between homeownership rates, housing prices, and broader economic factors in shaping the local real estate landscape.
