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Eastridge Estates: Rising Home Values and Declining Ownership in Bakersfield
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Eastridge Estates: Rising Home Values and Declining Ownership Reshape Bakersfield Neighborhood Eastridge Estates, a neighborhood in Bakersfield, California, has undergone significant changes in homeownership and housing prices over the past decade. This area has experienced a notable decrease in owner-occupied housing alongside substantial increases in average home prices and rent costs, reflecting broader economic trends and changes in the local real estate market.
The percentage of owner-occupied homes in Eastridge Estates has steadily declined from 77% in 2013 to 58% in 2022. This trend coincides with a remarkable increase in average home prices, which rose from $212,772 in 2010 to $434,998 in 2022, representing a 104% increase over 12 years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may be pricing some residents out of homeownership opportunities.
Federal interest rates have played a significant role in shaping homeownership trends in Eastridge Estates. From 2010 to 2016, interest rates remained exceptionally low, hovering around 0.1% to 0.4%. During this period, homeownership rates in the neighborhood remained relatively stable, ranging from 72% to 77%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates in Eastridge Estates started to decline more rapidly, dropping from 75% in 2017 to 58% in 2022.
As homeownership rates decreased, the percentage of renters in Eastridge Estates increased from 23% in 2013 to 42% in 2022. This shift coincided with a substantial rise in average rent prices, which increased from $273 in 2013 to $1,624 in 2022, representing a 495% increase over nine years. The population of the neighborhood fluctuated during this period, reaching a peak of 2,757 in 2019 before declining to 2,446 in 2022, which may have influenced the demand for rental properties and contributed to the rising rent prices.
In 2023 and 2024, the average home prices in Eastridge Estates continued to rise, reaching $436,481 in 2023 and $454,298 in 2024. This represents a further increase of 4.4% from 2022 to 2024. Notably, federal interest rates also saw a significant increase during this period, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent costs is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in Eastridge Estates could potentially reach or exceed $500,000 by 2029. Similarly, average rent prices may continue to climb, potentially surpassing $2,000 per month within the same timeframe.
In summary, Eastridge Estates has experienced a significant shift from homeownership to renting over the past decade, driven by rapidly increasing home prices and rent costs. The neighborhood has seen a 19% decrease in homeownership rates from 2013 to 2022, while average home prices have more than doubled and rent prices have nearly sextupled. These trends, influenced by factors such as federal interest rates and local market dynamics, are expected to continue in the coming years, potentially further reshaping the demographic and economic landscape of Eastridge Estates.
