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Zip Code 89145: Rising Home Values and Stable Ownership in Las Vegas
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 89145, located in Las Vegas, Nevada, covers an area of 4.53 square miles and has demonstrated a resilient housing market over the past decade. This suburban area has experienced notable fluctuations in homeownership rates and property values, with ownership percentages showing resilience while average home prices and rent prices have generally trended upward, albeit with some periods of volatility. The homeownership rate in zip code 89145 has remained relatively stable, with minor fluctuations. In 2013, the ownership rate stood at 61%. It dipped to 55% in 2017 but rebounded to 61% by 2022. This resilience in homeownership is particularly interesting when compared to the significant increase in average home prices during the same period. Average home prices rose from $129,890 in 2013 to $384,168 in 2022, representing a remarkable 196% increase. Despite this substantial rise in home values, the area maintained a consistent level of homeownership, suggesting a strong local housing market and potentially indicating the area's desirability.
Federal interest rates have played a role in homeownership trends in zip code 89145. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with a slight decrease in homeownership from 61% to 59%, possibly due to rising home prices making it more challenging for new buyers to enter the market despite favorable borrowing conditions. However, as interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), homeownership actually increased to 61%, suggesting that local factors may have a stronger influence on ownership rates than national interest rate trends in this particular zip code.
Renter percentages in zip code 89145 have shown an inverse relationship to homeownership rates, naturally. The renter population peaked at 45% in 2017 and then decreased to 39% by 2022. Average rent prices have generally increased over time, rising from $1,273 in 2013 to $1,346 in 2022, an increase of about 5.7%. Interestingly, the highest average rent was recorded in 2021 at $1,461, coinciding with a period of lower interest rates and potentially increased demand for rental properties.
Looking at the most recent data, average home prices in zip code 89145 experienced a slight decrease from $384,168 in 2022 to $370,077 in 2023, representing a 3.7% decline. However, the trend reversed in 2024, with average home prices rising to $388,773, a 5% increase from 2023. This recent uptick occurs despite the federal interest rate reaching 5.33% in 2024, the highest in over a decade, which typically would be expected to cool the housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 89145 will continue to rise, albeit at a more moderate pace. The area's desirability and the overall strength of the Las Vegas real estate market suggest that prices could reach approximately $450,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,550 per month in the same timeframe, driven by ongoing demand for housing in the area.
In summary, zip code 89145 has demonstrated a resilient housing market with stable homeownership rates despite significant increases in property values. The area has weathered various economic conditions, including fluctuating interest rates, while maintaining its appeal to both owners and renters. The recent uptick in home prices, even in the face of higher interest rates, suggests continued strong demand for housing in this Las Vegas suburb. As we look to the future, moderate but steady growth in both home values and rental prices is anticipated, reflecting the enduring attractiveness of this zip code to residents and investors alike.
