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Average Home Values and Ownership in Zip Code 93926: Agricultural Heritage Meets Housing Market Dynamics
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 93926, located in Gonzales, California, has experienced significant demographic and housing market changes over the past decade. This area, covering 73.65 square miles, has seen fluctuations in homeownership rates and substantial increases in average home prices and average rent values.
The homeownership rate in zip code 93926 has shown a notable trend, increasing from 45% in 2017 to 56% in 2022. This rise in homeownership coincided with a dramatic increase in average home prices, which grew from $364,829 in 2017 to $576,305 in 2022, representing a 58% increase over five years. This trend suggests that despite rising home prices, more residents were able to enter the housing market as owners.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2017 to 2020, as interest rates rose from 1% to 2.16%, homeownership rates initially declined but then began to recover. Notably, when interest rates dropped significantly to 0.38% in 2020, the homeownership rate increased to 53%. This aligns with the general trend that lower interest rates can encourage homeownership due to more affordable financing options.
Renter percentages in zip code 93926 have shown an inverse relationship to homeownership rates, decreasing from 55% in 2017 to 43% in 2022. Despite this decline in the renter population, average rent prices have remained relatively stable, fluctuating between $1,265 and $1,440 during this period. The population in the zip code has remained relatively stable, with only minor fluctuations, which may have contributed to the stability in rent prices despite the changing renter-owner dynamics.
In 2023, the average home price in zip code 93926 reached $580,473, showing a slight increase from 2022. This trend continued into 2024, with average home prices rising to $604,339. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the area have continued to appreciate.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 93926 to continue their upward trajectory over the next five years, potentially reaching around $700,000 by 2029. Average rent prices, which have shown more stability, are likely to see moderate increases, potentially reaching $1,600 to $1,700 per month in the same timeframe.
In summary, zip code 93926 has demonstrated a strong trend towards increased homeownership despite rising home prices. The area has shown resilience in its housing market, with home values appreciating significantly even in the face of rising interest rates. While the renter population has decreased, rent prices have remained relatively stable, indicating a balanced rental market. These trends suggest a robust and dynamic housing market in this California zip code, with potential for continued growth in both home values and rental rates in the coming years.
