Loading Content...
Zip Code 99150: Rural Washington's Homeownership Surge Amid Fluctuating Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 99150, located in Malo, Washington, presents an intriguing case study of homeownership and housing market trends in a small rural community. This area has experienced significant shifts in ownership percentages and housing costs over the past decade, reflecting broader economic and demographic changes in the region.
The homeownership rate in zip code 99150 has shown a remarkable upward trend, increasing from 72% in 2013 to an impressive 89% in 2022. This substantial rise in homeownership coincides with fluctuations in average home prices. The average home price in 2023 was $297,912, slightly decreasing to $293,490 in 2024. This slight dip suggests a potential stabilization in the housing market after years of growth.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite rising interest rates in recent years, with rates increasing from 0.08% in 2021 to 5.02% in 2023 and 5.33% in 2024, homeownership rates have continued to climb. This trend contradicts the typical expectation that higher interest rates would discourage home buying. The persistent increase in homeownership despite rising rates may indicate strong local factors driving home purchases, such as a preference for stability or limited rental options in this rural area.
Conversely, the percentage of renters in zip code 99150 has seen a significant decline, dropping from 28% in 2013 to just 11% in 2022. This decrease in renters correlates with fluctuations in average rent prices. The average rent peaked at $849 in 2017 but has since decreased to $732 in 2022. The declining renter population, coupled with lower average rents, suggests a shift in the local housing market dynamics, possibly influenced by the area's decreasing overall population, which fell from 260 in 2010 to 161 in 2022.
Looking at the most recent data, the average home price in zip code 99150 stood at $297,912 in 2023 and slightly decreased to $293,490 in 2024. This minor decrease of 1.5% occurs against the backdrop of high federal interest rates, which reached 5.02% in 2023 and further increased to 5.33% in 2024. These figures indicate a relatively stable housing market despite challenging economic conditions.
Applying predictive models to forecast 5-year trends, we anticipate a potential stabilization or slight increase in average home prices in zip code 99150. This projection is based on the area's strong homeownership trend and the relatively stable prices observed in recent years. For rent prices, the forecast suggests a possible modest increase, aligning with the reduced rental supply in the area. However, this increase may be tempered by the declining population trend.
In summary, zip code 99150 demonstrates a strong shift towards homeownership, with rates rising significantly over the past decade despite increasing interest rates. The area has experienced a concurrent decline in its renter population and fluctuations in average rent prices. Recent data shows a slight cooling in the housing market, but the strong preference for homeownership suggests continued stability in home values. These trends paint a picture of a changing rural community with a growing emphasis on home ownership and potential challenges in maintaining a diverse housing market.
