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Washington Culver: Rising Home Values and Ownership Trends in an Entertainment Industry Hub
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
Washington Culver, a neighborhood in Culver City, California, has experienced significant changes in its housing market over the past decade. This area, known for its mix of residential and commercial spaces, has seen notable increases in average home prices while maintaining relatively stable homeownership rates. The interplay between these factors offers insights into the neighborhood's economic dynamics and real estate trends.
The relationship between homeownership rates and average home prices in Washington Culver reveals interesting patterns. In 2013, the homeownership rate stood at 47% with an average home price of $753,207. By 2022, homeownership had increased to 54%, coinciding with a substantial rise in average home prices to $1,942,728. This represents a remarkable 158% increase in average home prices over nine years, contrasting with a more modest 7 percentage point increase in homeownership rates.
Federal interest rates have played a role in shaping homeownership trends in Washington Culver. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 47%. As interest rates remained low through 2020 (0.38%), homeownership rates fluctuated but eventually reached 54% in 2022, despite a slight increase in interest rates to 1.68%. This suggests that while low interest rates may have contributed to maintaining homeownership levels, other factors also influenced the local housing market.
Renter percentages and average rent prices in Washington Culver have shown their own distinct trends. In 2013, 53% of residents were renters, with an average rent of $1,770. By 2022, the renter percentage decreased slightly to 46%, while the average rent increased to $2,139, representing a 20.8% rise over nine years. The population fluctuated during this period, peaking at 2,632 in 2015 before settling at 1,938 in 2022, potentially influencing rental market dynamics.
In 2023 and 2024, Washington Culver's housing market continued to evolve. The average home price in 2023 was $1,912,481, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $1,985,341. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Predictive models suggest that average home prices in Washington Culver may continue to rise over the next five years, potentially reaching around $2.2 million by 2029. Average rent prices are also expected to increase, possibly surpassing $2,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Washington Culver has experienced substantial growth in average home prices over the past decade, with more modest increases in average rent prices. Homeownership rates have remained relatively stable despite fluctuations in federal interest rates. The neighborhood's housing market has shown resilience, with recent data indicating continued growth in home values despite rising interest rates. These trends suggest a dynamic and potentially competitive housing market in Washington Culver for the foreseeable future.
