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Zip Code 90033: Average Home Values Tripled Amid Stable Renter-Dominated Market
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 90033, located in Los Angeles, California, is a densely populated urban area covering 3.01 square miles. This zip code has experienced significant fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home prices and relatively stable rental rates.
The homeownership rate in zip code 90033 has shown a gradual increase from 17% in 2013 to 20% in 2022. This upward trend coincides with a substantial rise in average home prices, which grew from $214,400 in 2010 to $656,465 in 2022, representing a 206% increase over 12 years. The most dramatic price increases occurred between 2017 and 2022, with average home prices jumping from $375,404 to $656,465, a 75% increase in just five years.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in zip code 90033 remained relatively stable at around 17-18%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates also increased slightly to 20%, possibly due to buyers rushing to secure mortgages before rates climbed further.
Renter occupancy in zip code 90033 has remained high but slightly decreased from 83% in 2016 to 80% in 2022. Average rent prices have shown a steady increase, rising from $1,039 in 2013 to $1,153 in 2022, a 11% increase over nine years. The population in the zip code has fluctuated, peaking at 47,656 in 2020 before declining to 45,676 in 2022, which may have influenced rental demand and prices.
In 2023 and 2024, average home prices in zip code 90033 continued to rise, reaching $659,047 in 2023 and $674,510 in 2024. This represents a modest increase of 2.7% from 2022 to 2024, suggesting a slowdown in the rapid price growth seen in previous years. Concurrently, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and demand.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 90033 may continue to increase, but at a more moderate pace. Over the next five years, prices could potentially reach around $750,000 to $800,000, representing a 10-20% increase from 2024 levels. Average rent prices are likely to follow a similar trajectory, potentially reaching $1,300 to $1,400 per month by 2029, an increase of 13-21% from 2022 rates.
In summary, zip code 90033 has experienced significant growth in average home prices, a slight increase in homeownership rates, and steady growth in average rent prices over the past decade. The area maintains a high proportion of renters despite these changes. Future trends suggest continued but moderated growth in both home prices and rents, with potential impacts from higher interest rates on homeownership rates and market dynamics.
