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Average Home Values and Ownership in Zip Code 90260: Lawndale's Dynamic Housing Market
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 90260, located in Lawndale, California, presents an intriguing case study of housing dynamics in a densely populated urban area. Over the past decade, this zip code has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market forces.
The homeownership rate in zip code 90260 has shown a notable increase in recent years, rising from 38% in 2018 to 43% in 2022. This upward trend coincided with a substantial rise in average home prices, which grew from $559,524 in 2018 to $790,223 in 2022, representing a 41% increase over four years. The relationship between ownership percentages and average home prices appears to be positive, suggesting that rising property values have not deterred homeownership in this area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 90260. The period from 2018 to 2020 saw relatively low interest rates, ranging from 1.83% to 0.38%, which likely contributed to the increase in homeownership from 38% to 43% during this time. The accessibility of affordable financing options typically encourages more residents to purchase homes, as evidenced by the trends observed in this zip code.
Renter percentages in zip code 90260 have correspondingly decreased from 62% in 2018 to 57% in 2022, mirroring the rise in homeownership. Despite this decline, average rent prices have continued to climb, increasing from $1,429 in 2018 to $1,533 in 2022, a 7.3% rise over four years. This trend suggests that even as more residents transition to homeownership, demand for rental properties remains strong, possibly due to the area's growing population, which peaked at 36,655 in 2014 before gradually declining to 34,539 in 2022.
Looking at the most recent data, average home prices in zip code 90260 reached $792,435 in 2023 and further increased to $822,359 in 2024, indicating a continuing upward trend in property values. This coincides with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 90260 will continue to rise, albeit at a more moderate pace. The average home price is projected to reach approximately $900,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,800 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 90260 has demonstrated a resilient housing market with increasing homeownership rates despite rising property values. The interplay between federal interest rates, home prices, and rent costs has created a dynamic environment where both ownership and rental markets have shown strength. As the area continues to evolve, it will be crucial to monitor how these trends impact housing affordability and community demographics in the coming years.
