Renter percentages in zip code 94551 have shown a slight decrease, from 31% in 2020 to 29% in 2022. This change occurred alongside a consistent increase in average rent prices. In 2013, the average rent was $1,755, which rose to $2,477 by 2022, representing a 41% increase over nine years. Despite the rising costs, the renter population has remained relatively stable, possibly due to the area's growing population, which increased from 38,215 in 2013 to 43,923 in 2022.

In 2023 and 2024, we see a continuation of high average home prices in zip code 94551, though with some fluctuation. The average home price in 2023 was $992,635, showing a slight decrease from 2022. However, in 2024, prices rebounded to $1,054,240, surpassing the 2022 peak. Interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.

Looking ahead, predictive models suggest that average home prices in zip code 94551 may continue to rise over the next five years, potentially reaching around $1,200,000 by 2029. Average rent prices are also expected to increase, possibly exceeding $3,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.

In summary, zip code 94551 has demonstrated resilience in homeownership rates despite substantial increases in property values. The area has seen a slight shift towards higher homeownership, with a corresponding decrease in the renter population. Both average home prices and rent costs have shown significant upward trends, reflecting the area's desirability and economic growth. The interplay between federal interest rates, property values, and housing tenure provides insight into the dynamic real estate market in this Livermore, California zip code.