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Average Home Values and Ownership in Zip Code 91773: A Decade of Growth in San Dimas, California
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 Dimas, California, zip code 91773, is a vibrant suburban community nestled in the eastern part of Los Angeles County. This area has experienced fluctuating homeownership rates over the past decade, with average home prices showing a general upward trend and average rent prices steadily increasing.
The homeownership rate in San Dimas has remained relatively stable, fluctuating between 69% and 74% from 2013 to 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $427,386, which increased to $879,130 by 2022, representing a substantial 105.7% increase over nine years. Notably, the most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $669,759 to $879,130, a 31.3% increase in just two years.
Federal interest rates have played a role in homeownership trends in San Dimas. From 2013 to 2016, when interest rates were historically low (between 0.09% and 0.4%), homeownership rates remained relatively stable at around 72%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership, dropping to 71% by 2019. Interestingly, despite the sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership actually decreased to its lowest point of 69% in 2020, possibly due to economic uncertainties during the pandemic.
Renter percentages in San Dimas have shown a slight increase over the years, from 28% in 2013 to 29% in 2022. This trend coincides with a steady rise in average rent prices. In 2013, the average rent was $1,796, which increased to $2,061 by 2022, representing a 14.8% increase over nine years. The most significant jump in rent prices occurred between 2016 and 2017, rising from $1,828 to $1,979, a 8.3% increase in just one year. The population has remained relatively stable during this period, fluctuating between 32,602 and 33,467, suggesting that increased rent prices are not primarily driven by population growth.
Looking at the most recent data, the average home price in San Dimas for 2023 was $872,477, showing a slight decrease of 0.8% from 2022. However, in 2024, the average home price has rebounded to $913,768, an increase of 4.7% from 2023. This recent uptick occurs despite the federal interest rate rising to 5.33% in 2024, the highest it has been since 2007.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in San Dimas will continue to rise, albeit at a more moderate pace. Based on historical data and current economic factors, we project average home prices could reach approximately $1,050,000 by 2029. For average rent prices, the upward trend is expected to continue, potentially reaching around $2,400 by 2029.
In summary, San Dimas has maintained a relatively stable homeownership rate despite significant increases in average home prices. The renter population has seen a slight increase, accompanied by steady growth in average rent prices. Recent data shows a resilient housing market, with home prices continuing to rise even in the face of higher interest rates. These trends suggest a strong demand for housing in this desirable suburban area, with both homeowners and renters likely to face increasing costs in the coming years.
