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Zip Code 90061: Rising Home Values and Stable Ownership in West Rancho Dominguez
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
West Rancho Dominguez, located in zip code 90061 in California, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 90061 has remained relatively stable, with slight fluctuations between 40% and 44% from 2013 to 2022. Despite this stability, average home prices have seen a dramatic increase. In 2010, the average home price was $170,450, which rose steadily to $596,681 by 2022, representing a 250% increase over 12 years. This substantial growth in home values occurred despite only minor changes in homeownership rates, suggesting other factors were driving the market.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2010 to 2016, when interest rates were historically low (ranging from 0.1% to 0.4%), homeownership rates in zip code 90061 remained relatively stable around 42-43%. As interest rates began to rise from 2017 onwards, there was a slight increase in homeownership to 44% by 2022, possibly indicating that some residents rushed to purchase homes before rates increased further.
Renter percentages in zip code 90061 have shown a complementary trend to homeownership, fluctuating between 56% and 60% from 2013 to 2022. Average rent prices, however, have not followed a consistent pattern. In 2013, the average rent was $1,303, which decreased to $1,181 in 2019, before rising again to $1,248 in 2022. This variability in rent prices, coupled with the area's increasing population (from 26,885 in 2010 to 28,129 in 2022), suggests a complex rental market influenced by factors beyond simple supply and demand.
The most recent data for 2023 and 2024 shows continued growth in average home prices in zip code 90061. The average home price reached $602,154 in 2023 and further increased to $625,803 in 2024. This represents a 4.9% increase from 2022 to 2024, indicating a continued upward trend in the housing market. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 90061 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the area's high renter occupancy rate. However, the rate of increase may be moderated by affordability constraints and potential new housing developments.
In summary, zip code 90061 has demonstrated a robust housing market with substantial growth in average home prices despite relatively stable homeownership rates. The rental market has shown more variability, reflecting the area's high proportion of renters. With recent increases in both home prices and interest rates, the coming years may see a shift in market dynamics, potentially affecting both homeownership rates and rental trends in this California community.
