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Average Home Values and Ownership in Zip Code 93023: A Decade of Growth in Mira Monte
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 93023, located in Mira Monte, California, presents an intriguing blend of urban and rural characteristics. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The ownership percentage has shown a general upward trend, while average home prices have risen significantly, and average rent prices have demonstrated moderate growth.
From 2013 to 2022, the homeownership rate in zip code 93023 increased from 67% to 70%. During this same period, average home prices rose dramatically from $525,377 in 2013 to $1,107,132 in 2022, representing a 110.7% increase. This trend suggests a strong correlation between rising home values and increasing homeownership rates. The most substantial jump in average home prices occurred between 2020 and 2022, with a 39.3% increase from $795,006 to $1,107,132.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally inverse pattern. For instance, as interest rates remained low between 2013 and 2020 (ranging from 0.09% to 0.38%), homeownership rates increased from 67% to 69%. However, when interest rates rose sharply to 1.68% in 2022, homeownership still increased to 70%, indicating other factors may have influenced this trend.
Renter percentages in zip code 93023 have shown a slight decline, from 33% in 2013 to 30% in 2022. Average rent prices, however, have increased over this period. In 2013, the average rent was $1,470, rising to $1,629 in 2022, a 10.8% increase. The peak average rent was observed in 2017 at $1,881, after which it gradually decreased. These trends suggest that while renting became more expensive, it did not necessarily lead to an increase in the renter population.
Looking at the most recent data, average home prices in zip code 93023 slightly decreased from $1,107,132 in 2022 to $1,103,746 in 2023, a marginal 0.3% drop. However, prices rebounded in 2024, reaching $1,134,677, a 2.8% increase from 2023. Simultaneously, interest rates climbed to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 93023 to continue their upward trajectory, potentially reaching around $1,300,000 by 2029. Average rent prices are expected to follow a similar pattern, potentially increasing to approximately $1,900 per month over the same period. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 93023 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The area has experienced substantial growth in property values, particularly in recent years. While renting has become more expensive, the proportion of renters has decreased slightly. The interplay between interest rates, home prices, and ownership rates suggests a complex and dynamic housing market in this California community.
