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Average Home Values and Ownership in Zip Code 93523: North Edwards's Housing Market Trends
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
North Edwards, situated in zip code 93523 in California, has experienced notable changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in North Edwards has fluctuated over the years, showing a general decline from 2013 to 2018, followed by a slight recovery. In 2013, the homeownership rate was 40%, which decreased to 34% by 2018. However, by 2022, it had rebounded to 39%. During this same period, average home prices in the area saw a substantial increase. In 2013, the average home price was $46,625, which rose dramatically to $170,665 by 2022, representing a 266% increase over nine years.
The relationship between federal interest rates and homeownership rates in North Edwards shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, the homeownership rate remained relatively stable at around 38-40%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate initially dropped but then showed signs of recovery. This suggests that while low interest rates generally encourage homeownership, other local factors may also play a significant role in this community.
Renter percentages in North Edwards have shown an inverse relationship to homeownership rates. The percentage of renters increased from 60% in 2013 to 66% in 2018, before declining slightly to 61% in 2022. Average rent prices have also seen an upward trend, rising from $1,137 in 2013 to $1,293 in 2022, an increase of about 14% over nine years. This increase in rent prices, while significant, was not as dramatic as the rise in home prices during the same period.
In 2023 and 2024, the housing market in North Edwards continued its upward trajectory. The average home price reached $182,147 in 2023 and further increased to $194,344 in 2024. This represents a 14% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and market dynamics.
Looking ahead, based on the historical data and current trends, we can forecast potential 5-year trends for average home and rent prices in North Edwards. Assuming the current growth rate continues, average home prices could potentially reach around $250,000 by 2029. Average rent prices, if following the same trend, might increase to approximately $1,500 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, North Edwards has experienced a significant increase in average home prices over the past decade, with a more modest rise in average rent prices. Homeownership rates have fluctuated but shown resilience in recent years despite rising interest rates. The community's housing market demonstrates a dynamic interplay between ownership and rental trends, influenced by both local factors and broader economic conditions.
