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Home Values and Ownership Trends in Zip Code 91710: A Decade of Dynamic Growth
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 91710, located in Chino, California, has experienced significant demographic and economic shifts over the past decade. This area has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader trends in the local real estate market.
The homeownership rate in zip code 91710 has shown a fluctuating trend. In 2013, the homeownership rate stood at 70%. This figure decreased to 63% by 2019, indicating a shift towards more renter-occupied housing. However, the trend reversed in recent years, with homeownership increasing to 67% by 2022. Concurrently, average home prices in the area have seen a substantial increase. In 2013, the average home price was $338,259, which rose dramatically to $725,063 by 2022, representing a 114% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2019, as interest rates gradually increased from 0.11% to 2.16%, homeownership rates declined from 70% to 63%. This aligns with the general trend of lower homeownership when financing becomes more expensive. However, the recent uptick in homeownership from 2020 to 2022 (65% to 67%) occurred despite rising interest rates, suggesting other factors may be influencing local housing decisions.
Renter percentages and average rent prices in zip code 91710 have also shown notable trends. The percentage of renters increased from 30% in 2013 to 37% in 2019, before decreasing to 33% by 2022. Average rent prices rose from $1,563 in 2013 to $1,772 in 2019, an increase of 13.4%. However, average rent prices showed some volatility, decreasing to $1,724 in 2022. This trend might be influenced by the area's growing population, which increased from 79,215 in 2013 to 83,994 in 2022, potentially affecting housing demand and rental market dynamics.
In 2023 and 2024, the real estate market in zip code 91710 continued to evolve. The average home price in 2023 was $721,442, showing a slight decrease from 2022. However, in 2024, the average home price rose to $758,892, indicating a recovery and continued growth in the housing market. This occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing despite increased borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 91710 may continue to rise over the next five years, potentially reaching around $850,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,900 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 91710 has experienced significant changes in its housing market. The area has seen a recent resurgence in homeownership, substantial increases in average home prices, and fluctuations in the rental market. Despite high interest rates, the housing market remains robust, with predictions indicating continued growth in both home prices and rents over the next five years.
