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Average Home Values and Ownership in Zip Code 94933: Trends in a Scenic California CDP
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 94933, located in Lagunitas-Forest Knolls, California, is a small community with a population of 418 as of 2022. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 94933 has shown considerable variation, ranging from a low of 59% in 2013 to a high of 72% in 2017. This trend has generally corresponded with changes in average home prices, which have seen substantial growth over the same period. In 2013, the average home price was $507,571, and by 2022, it had nearly doubled to $990,491. This dramatic increase in home values may have influenced homeownership rates, as some residents potentially found it more challenging to enter the housing market.
Federal interest rates have played a role in shaping homeownership trends in zip code 94933. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates increased from 59% to 66%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, homeownership rates showed some fluctuation, settling at 68% in 2022.
Renter percentages in zip code 94933 have inversely mirrored homeownership rates, ranging from 27% in 2017 to 41% in 2013. Interestingly, average rent prices have shown a steady upward trend, increasing from $1,906 in 2013 to $2,734 in 2022. This rise in rent prices occurred despite fluctuations in the renter population, suggesting that other factors, such as overall housing demand and local economic conditions, may have influenced rental costs.
In 2023 and 2024, the real estate market in zip code 94933 experienced a slight cooling off period. The average home price decreased from its peak of $990,491 in 2022 to $927,800 in 2023 and further to $921,335 in 2024. This decline coincided with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest that average home prices in zip code 94933 may continue to face downward pressure in the short term due to high interest rates. However, given the area's desirability and limited housing supply, prices are likely to stabilize and potentially show modest growth over the next five years. Rent prices are expected to remain relatively stable or increase slightly, reflecting the ongoing demand for rental properties in the area.
In summary, zip code 94933 has demonstrated a complex interplay between homeownership rates, housing prices, and rental markets. The area has seen substantial home price appreciation over the past decade, with recent signs of market correction. The relationship between interest rates and homeownership has been evident, particularly during periods of low rates. As the market adapts to higher interest rates and changing economic conditions, both the ownership and rental sectors are likely to experience further adjustments in the coming years.
