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Rising Home Values and Ownership Rates in Zip Code 94508: A Decade of Housing Trends in Angwin, California
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 94508, located in Angwin, California, has experienced significant shifts in homeownership rates and property values over the past decade. This area, known for its picturesque landscapes and proximity to wine country, has seen a notable trend towards increased homeownership and rising property values.
The ownership percentage in zip code 94508 has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 47%, which gradually rose to 65% by 2022. This substantial increase of 18 percentage points indicates a strong trend towards homeownership in the area. Concurrently, average home prices have also seen a significant upward trajectory. In 2013, the average home price was $557,975, which increased to $944,149 by 2022, representing a 69.2% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate continued to climb steadily. This suggests that factors beyond just low interest rates, such as local economic conditions or housing market dynamics, were driving the increase in homeownership.
Renter percentages in zip code 94508 have inversely mirrored the homeownership trend, decreasing from 53% in 2013 to 35% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have shown an upward trend. The average rent increased from $1,328 in 2013 to $1,727 in 2022, a 30% increase. This rise in rent prices, despite a shrinking renter population, could be attributed to factors such as increased property values and limited rental inventory.
Looking at the most recent data, the average home price in zip code 94508 for 2023 was $926,446, showing a slight decrease from 2022. In 2024, the average home price remains relatively stable at $925,979. The federal interest rate in 2023 was 5.02%, increasing to 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 94508 will continue to show moderate growth, potentially reaching around $1,050,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $1,950 per month over the same period. These predictions are based on historical trends and current market conditions.
In summary, zip code 94508 has demonstrated a strong shift towards homeownership over the past decade, with property values showing significant appreciation. The area has maintained high average rent prices despite a decreasing renter population. Recent data shows a stabilization in home prices and increased interest rates, which may influence future market dynamics. The long-term outlook suggests continued growth in both home values and rent prices, albeit at a more moderate pace than seen in previous years.
