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Zip Code 96097: Rising Home Values and Ownership Rates in Yreka's Gold Rush Territory
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 96097, located in Yreka, California, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its rich Gold Rush history and proximity to the Klamath National Forest, has seen a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 96097 has shown a significant upward trend, coinciding with an increase in average home prices. In 2013, the homeownership rate was 54%, with an average home price of $139,288. By 2022, the ownership rate had climbed to 66%, while the average home price reached $270,349, representing a substantial 94% increase over this period. This strong positive correlation suggests that as property values appreciated, more residents were motivated or able to become homeowners.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the initial rise in homeownership from 54% to 57%. As interest rates began to climb more steadily from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to increase, reaching 66%. This suggests that other local factors, such as job market stability or community development, may have outweighed the impact of rising interest rates on homeownership decisions.
Conversely, the renter percentage in zip code 96097 has decreased from 46% in 2013 to 34% in 2022. Despite this decline, average rent prices have shown a steady increase. In 2013, the average rent was $717, rising to $926 by 2022, a 29% increase. This upward trend in rent prices, despite a decreasing renter population, could indicate a tightening rental market with potentially higher-quality or more desirable rental properties becoming available.
Looking at the most recent data, the average home price in zip code 96097 slightly decreased to $268,142 in 2023 and further to $261,993 in 2024. This represents a modest 3% decline from the 2022 peak. Interestingly, this price adjustment coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates may have contributed to the slight cooling in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 96097 will likely stabilize and potentially show moderate growth. The area's increasing homeownership rates and historical price appreciation suggest a robust local housing market. However, the recent slight decline and high interest rates may temper rapid price increases in the near term. For rent prices, we expect a continued gradual increase, albeit at a slower pace than seen in recent years, as the rental market adjusts to the shifting balance between homeowners and renters.
In summary, zip code 96097 has demonstrated a strong trend towards homeownership, with a significant increase in both ownership rates and average home prices over the past decade. The recent slight decline in home prices, coupled with rising interest rates, suggests a potential market adjustment. Meanwhile, the rental market has seen steady price increases despite a declining renter population, indicating a evolving rental landscape in the area.
