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Lasselle, Moreno Valley: Rising Home Values and Ownership Amid Population Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lasselle, a neighborhood in Moreno Valley, California, has experienced significant growth in homeownership and property values over the past decade. This analysis examines the evolving real estate dynamics in Lasselle from 2013 to 2024, focusing on homeownership rates, average home prices, and rental market trends. The homeownership rate in Lasselle has shown a notable increase from 72% in 2013 to 80% in 2022. This rise in homeownership coincided with a substantial increase in average home prices, from $220,699 in 2013 to $567,167 in 2022. The parallel growth suggests a strong correlation between rising property values and increased homeownership, possibly indicating growing confidence in the local real estate market and improved economic conditions for residents.
Federal interest rates have played a significant role in shaping homeownership trends in Lasselle. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates fluctuated between 71% and 76%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates continued to increase, reaching 80% by 2019. This trend suggests that despite rising interest rates, other factors such as local economic growth and housing market dynamics may have had a stronger influence on homeownership decisions in Lasselle.
The rental market in Lasselle has experienced its own set of changes. The percentage of renters decreased from 28% in 2013 to 20% in 2022. Average rent prices have not shown a consistent trend during this period, fluctuating from $1,671 in 2013 to $1,531 in 2022. The decrease in the renter population, coupled with relatively stable rent prices, might indicate a shift towards homeownership as residents find it more attractive or feasible to purchase homes rather than continue renting.
In 2023 and 2024, the average home prices in Lasselle showed a slight dip followed by an increase. The average home price in 2023 was $560,641, a minor decrease from 2022, but it rose to $583,154 in 2024. This recent uptick occurs against the backdrop of higher interest rates, with the federal interest rate standing at 5.02% in 2023 and 5.33% in 2024. These figures suggest resilience in the local housing market despite challenging economic conditions.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in Lasselle may continue to rise, albeit at a more moderate pace, potentially reaching around $650,000 to $700,000 by 2029. Average rent prices might stabilize or see modest increases, potentially reaching $1,700 to $1,800 per month. However, these projections are subject to various economic factors and local market dynamics.
In summary, Lasselle has experienced a significant increase in homeownership rates and average home prices over the past decade. The neighborhood has shown resilience in its housing market, with homeownership rates reaching 80% despite fluctuations in interest rates and economic conditions. The rental market has contracted slightly, but rent prices have remained relatively stable. As we move forward, Lasselle's real estate market appears poised for continued growth, albeit potentially at a more measured pace than in recent years.
