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Zip Code 96080: Average Home Values and Ownership Trends in Red Bluff, 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 96080, which encompasses Red Bluff in California, has experienced notable shifts in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its picturesque location along the Sacramento River, has seen interesting demographic and real estate trends that reflect both local and broader economic factors.
The homeownership rate in zip code 96080 has fluctuated over the years, showing a general decline from 2013 to 2018, followed by a recovery. In 2013, the homeownership rate stood at 64%, dropping to a low of 59% in 2018, before rebounding to 63% by 2022. Concurrently, average home prices have shown a consistent upward trend. In 2012, the average home price was $124,492, which more than doubled to $325,608 by 2022. This substantial increase in home values occurred despite the fluctuations in homeownership rates, suggesting that other factors, such as market demand and overall economic conditions, played a significant role in driving up property values.
The relationship between federal interest rates and homeownership rates in zip code 96080 shows some correlation, although not always direct. For instance, as interest rates remained low from 2013 to 2015 (around 0.1-0.13%), homeownership rates initially remained stable at 64-65%. However, as interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates declined to 59%. Interestingly, despite further increases in interest rates to 2.16% in 2019, homeownership rates began to recover, reaching 63% by 2022 when interest rates were at 1.68%.
Renter percentages in zip code 96080 have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 36% in 2013 to a peak of 41% in 2018, before decreasing to 37% in 2022. Average rent prices have generally trended upward, albeit with some fluctuations. In 2013, the average rent was $982, which decreased slightly to $932 in 2015, before rising again to $1,122 in 2021. However, 2022 saw a significant drop in average rent to $964, possibly influenced by broader economic factors or local market conditions.
Looking at the most recent data, the average home price in zip code 96080 decreased slightly from $325,608 in 2022 to $314,874 in 2023, marking a 3.3% decline. However, there was a slight recovery in 2024, with the average home price increasing to $317,399, a 0.8% increase from the previous year. This recent trend occurs against a backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 96080 will continue to rise moderately, albeit at a slower pace than observed in the early 2020s. This projection is based on the historical growth pattern and recent market adjustments. Average rent prices are expected to stabilize and potentially increase gradually, aligning with population growth and housing demand in the area.
In summary, zip code 96080 has experienced significant fluctuations in homeownership rates and substantial growth in average home prices over the past decade. The area has shown resilience in its real estate market, with recent data indicating a slight cooling off period followed by early signs of recovery. The interplay between interest rates, homeownership, and rental markets continues to shape the housing landscape in this California community.
