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Bell, California: Rising Home Values in a Densely Populated Urban Area
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
Bell, California, located in Los Angeles County, is a densely populated urban area with a rich history and diverse community. The city has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. Generally, Bell has maintained a high percentage of renters, with average home prices showing substantial growth and average rent prices steadily increasing.
The homeownership rate in Bell has remained relatively stable, fluctuating between 27% and 30% from 2013 to 2022. Despite this stability, average home prices have seen remarkable growth. In 2013, the average home price was $251,036, which increased to $613,014 by 2022, representing a 144% increase over nine years. This trend suggests that while homeownership rates remained steady, the value of owned properties significantly appreciated.
Federal interest rates have played a role in homeownership trends in Bell. From 2013 to 2016, when interest rates were notably low (ranging from 0.11% to 0.40%), homeownership rates slightly increased from 27% to 28%. However, as interest rates rose to 1.83% by 2018, homeownership remained stable at 29%. This indicates that while low interest rates may have encouraged some homeownership, other factors such as high home prices likely limited further increases in ownership rates.
Renter percentages in Bell have consistently been high, ranging from 69% to 73% between 2013 and 2022. Average rent prices have shown a steady upward trend during this period. In 2013, the average rent was $1,093, which increased to $1,212 by 2022, representing an 11% rise. The high renter population and increasing rent prices suggest a strong demand for rental properties in the area, possibly driven by the city's population growth from 35,353 in 2013 to 32,875 in 2022.
Looking at the most recent data, average home prices in Bell continued to rise, reaching $630,767 in 2023 and $665,521 in 2024. This represents a 2.9% increase from 2022 to 2023 and a further 5.5% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Bell will continue to rise, potentially reaching around $800,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a continued increase, potentially reaching approximately $1,400 to $1,500 per month by 2029, assuming the current growth rate persists.
In summary, Bell has maintained a high renter population while experiencing significant growth in average home prices. The stability in homeownership rates, despite rising property values, suggests a complex housing market influenced by various factors including federal interest rates, local economic conditions, and population dynamics. The continued increase in both home prices and rent costs indicates a strong demand for housing in the area, which is likely to persist in the coming years.
