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Average Home Values and Ownership in 95130 Zip Code: A Decade of Resilient Growth
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
San Jose zip code 95130, located in California, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a general trend of increasing average home prices and average rent prices, with some fluctuations in homeownership rates.
The homeownership rate in zip code 95130 has shown relative stability with slight fluctuations over the years. In 2013, the homeownership rate was 57%, which increased to 61% by 2021. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $785,493, which more than doubled to $1,998,245 by 2022, representing a 154% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is notable. From 2013 to 2020, when interest rates were historically low, ranging from 0.09% to 0.38%, homeownership rates increased from 57% to 61%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, it's worth noting that despite rising interest rates in 2022 (1.68%), the homeownership rate remained relatively stable at 60%.
Renter percentages and average rent prices in zip code 95130 have also shown interesting trends. The percentage of renters decreased slightly from 43% in 2013 to 39% in 2021. During this period, average rent prices increased significantly. In 2013, the average rent was $1,357, which rose to $2,371 by 2022, an increase of about 75% over nine years. This substantial increase in rent prices occurred despite a slight decrease in the renter population, suggesting strong demand for rental properties in the area.
In 2023 and 2024, the average home prices in zip code 95130 experienced some fluctuation. The average home price in 2023 was $1,903,066, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $2,068,850, indicating a recovery in the housing market. Interestingly, these price changes occurred against a backdrop of rising interest rates, with the federal interest rate reaching 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 95130 to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also likely to continue increasing, driven by the area's desirability and the high cost of homeownership. However, the rate of increase may slow down as affordability becomes a more pressing issue for renters.
In summary, zip code 95130 in San Jose has demonstrated strong growth in both average home prices and average rent prices over the past decade. The area has maintained a relatively stable homeownership rate, even in the face of rising property values and fluctuating interest rates. The substantial increases in both home and rent prices suggest a robust demand for housing in this zip code, likely driven by its desirable location in the heart of Silicon Valley.
