Loading Content...
Average Home Values and Ownership in Zip Code 91746: Industry's Resilient Housing Market
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 91746, located in Industry, California, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a general trend towards increased homeownership and rising property values, with some fluctuations in recent years. The ownership percentage in zip code 91746 has shown a gradual increase from 71% in 2013 to 73% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $301,065 in 2013 to $701,196 in 2022, representing a 133% increase over nine years. The most significant annual jump occurred between 2020 and 2021, when average home prices surged by 14.9%, from $539,185 to $619,591.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the steady homeownership rate of 71% during this time. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership remained stable, suggesting other factors were supporting the market. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with an increase in homeownership to 74% and 75% respectively, demonstrating how lower rates can stimulate home buying.
Renter percentages in zip code 91746 have generally decreased, from 29% in 2013 to 27% in 2022, inversely mirroring the homeownership trend. Average rent prices have shown a moderate increase, rising from $1,543 in 2013 to $1,638 in 2022, a 6.2% increase over nine years. This relatively modest growth in rent prices compared to the substantial increase in home values suggests that renting has remained a more affordable option for some residents, despite the overall trend towards homeownership.
In 2023, the average home price in zip code 91746 experienced a slight decrease to $698,181, a 0.4% drop from 2022. However, 2024 has seen a rebound, with average home prices rising to $730,238, a 4.6% increase from 2023. This recovery is notable considering the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates might typically discourage home buying, yet the market in this zip code appears to be maintaining its strength.
Looking ahead, predictive models suggest that average home prices in zip code 91746 may continue to rise over the next five years, potentially reaching around $850,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, albeit at a slower pace, potentially reaching approximately $1,800 per month by 2029.
In summary, zip code 91746 has demonstrated a robust housing market with increasing homeownership rates and substantial growth in average home prices over the past decade. Despite recent fluctuations and rising interest rates, the area's real estate market shows resilience. The trend towards homeownership, coupled with steadily increasing property values, suggests a strong demand for housing in this zip code, which is likely to continue in the coming years.
