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Zip Code 96093: Rising Home Values and Ownership Rates in Weaverville, 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 96093, located in Weaverville, California, presents an intriguing landscape of homeownership and housing market trends. This rural area has experienced significant fluctuations in both ownership rates and property values over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 96093 has shown a remarkable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 62%, and after some fluctuations, it reached an impressive 70% by 2022. This significant increase of 8 percentage points indicates a growing preference for homeownership in the area. Concurrently, average home prices have seen substantial growth. In 2013, the average home price was $186,551, and by 2022, it had risen to $337,219, representing an increase of approximately 80.8% over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.4%), homeownership rates remained relatively stable around 61-62%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area surprisingly increased, peaking at 70% in 2022. This trend suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a more significant role in driving homeownership in this particular zip code.
Renter percentages and average rent prices in zip code 96093 have shown an inverse relationship to homeownership trends. As homeownership rates increased, the percentage of renters decreased from 38% in 2013 to 30% in 2022. Interestingly, average rent prices have fluctuated considerably during this period. In 2013, the average rent was $1,053, which decreased to $839 by 2022, representing a 20.3% decline. This decrease in average rent prices, coupled with the declining renter population, suggests a potential shift in the local rental market dynamics, possibly influenced by the increasing preference for homeownership.
In 2023 and 2024, the housing market in zip code 96093 experienced a slight cooling effect. The average home price decreased from $337,219 in 2022 to $322,841 in 2023, and further to $310,096 in 2024, marking a 8% decline over two years. This downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, based on the observed trends and current market conditions, we can project potential scenarios for the next five years. Average home prices may experience a period of stabilization or modest growth, possibly reaching around $330,000 to $350,000 by 2029, assuming economic conditions remain stable. Average rent prices could potentially see a gradual increase, possibly returning to the $900-$1,000 range, as the rental market adjusts to changing demand and supply dynamics.
In summary, zip code 96093 has demonstrated a strong trend towards homeownership, with significant increases in both ownership rates and average home prices over the past decade. The area has shown resilience in homeownership growth even in the face of rising interest rates. However, recent data suggests a cooling housing market, likely influenced by higher interest rates. The rental market has seen declining prices and occupancy rates, reflecting the shift towards homeownership. These trends paint a picture of a dynamic housing market in Weaverville, adapting to changing economic conditions and local preferences.
