Loading Content...
Home Values and Ownership in Zip Code 93250: McFarland's Decade of Housing Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 93250, located in McFarland, California, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership, coupled with significant growth in average home values.
The ownership percentage in zip code 93250 has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 50%, which increased to 59% by 2019. However, there was a slight decline to 52% by 2022. This overall increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $109,909, which steadily increased to $265,135 by 2022, representing a 141% increase over this period.
Federal interest rates appear to have influenced homeownership rates in this zip code. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership increased from 50% to 56%. As interest rates began to rise more significantly from 2017 onwards, the growth in homeownership slowed, with some fluctuations observed.
Regarding rental trends, the percentage of renters in zip code 93250 generally decreased from 50% in 2013 to 48% in 2022, inversely mirroring the homeownership trend. Average rent prices showed moderate growth during this period, increasing from $934 in 2013 to $915 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $1,092, coinciding with a period of low interest rates (0.08%) and increased housing demand.
In 2023, the average home price in zip code 93250 reached $279,888, a 5.6% increase from 2022, while federal interest rates rose to 5.02%. Moving into 2024, the average home price further increased to $296,075, representing a 5.8% year-over-year growth, with interest rates slightly higher at 5.33%. These figures indicate continued growth in the housing market despite rising interest rates.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 93250 to continue their upward trajectory, albeit potentially at a slower pace due to higher interest rates. Average rent prices may also see moderate increases as housing costs rise. Over the next five years, average home prices could potentially reach around $350,000 to $380,000, while average rent prices might increase to the $1,100 to $1,200 range.
In summary, zip code 93250 has demonstrated a clear trend of increasing homeownership and rising average home prices over the past decade. While rental rates have slightly decreased, rent prices have shown moderate growth. The area's housing market has displayed resilience, with continued price appreciation even in the face of rising interest rates. These trends suggest a robust and growing real estate market in this California zip code.
