Loading Content...
Rising Home Values and Ownership Dynamics in Zip Code 91733: South El Monte's Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
South El Monte, located in zip code 91733 in California, has experienced significant shifts in housing dynamics over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 91733 has shown moderate fluctuations over the years. In 2013, the homeownership rate stood at 42%, and by 2020, it had increased to 46%. However, this trend did not continue, as the rate dropped back to 42% in 2022. Concurrently, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $310,600, and by 2022, it had more than doubled to $688,225, representing a substantial 121.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code aligns with well-established economic principles. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in the area reached their peak at 46% in 2020. This correlation suggests that lower interest rates may have encouraged more residents to purchase homes due to more affordable financing options.
Renter percentages in zip code 91733 have generally mirrored the inverse of homeownership rates, with some fluctuations. In 2013, 58% of residents were renters, and this percentage increased to 60% by 2015. However, by 2022, the renter percentage returned to 58%. Average rent prices have steadily increased over this period, rising from $1,209 in 2013 to $1,401 in 2022, a 15.9% increase. It's worth noting that despite the population decrease from 45,676 in 2019 to 42,416 in 2022, rent prices continued to rise, suggesting other factors influencing the rental market beyond population changes.
In 2023 and 2024, the housing market in zip code 91733 continued its upward trajectory. The average home price reached $699,506 in 2023 and further increased to $743,814 in 2024, representing a 6.3% year-over-year growth. This rise occurred despite the significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local market factors outweighing the impact of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $900,000 by 2029, assuming a conservative annual growth rate of 4-5%. Similarly, average rent prices might increase to approximately $1,650-$1,700 per month, considering a 3-4% annual increase. These projections assume relatively stable economic conditions and continued demand in the area.
In summary, zip code 91733 has demonstrated resilience in its housing market, with substantial growth in average home prices despite fluctuations in homeownership rates. The rental market has also shown steady growth, with increasing average rent prices even as the population has declined in recent years. The area's ability to maintain price growth in the face of rising interest rates suggests a robust local housing market, likely driven by factors such as location desirability and limited housing supply.
