Loading Content...
Zip Code 90270: Rising Home Values and Resilient Ownership in Maywood, California
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 90270, located in Maywood, California, is a densely populated urban area with a history of demographic shifts and real estate trends. Over the past decade, this 1.17 square mile neighborhood has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic and social changes in the region.
The homeownership rate in zip code 90270 has shown a slight upward trend in recent years, increasing from 24% in 2017 to 30% in 2022. This growth in homeownership coincides with a substantial rise in average home prices, which have more than doubled from $212,929 in 2010 to $588,541 in 2022. The relationship between these two trends suggests that despite rising home values, more residents have been able to transition into homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 90270. The period of historically low interest rates from 2010 to 2021, with rates ranging from 0.08% to 0.4%, likely contributed to the gradual increase in homeownership. This environment of affordable financing made it easier for residents to purchase homes, even as prices continued to climb. The slight dip in homeownership from 28% in 2020 to 27% in 2021 may be attributed to the economic uncertainties during the COVID-19 pandemic.
Renter percentages in zip code 90270 have remained consistently high, but have shown a slight decrease from 76% in 2017 to 70% in 2022. This shift corresponds with the increase in homeownership rates. Average rent prices have also seen an upward trend, rising from $1,066 in 2017 to $1,168 in 2022, an increase of about 9.6%. The population of the zip code has decreased from 26,777 in 2017 to 24,172 in 2022, which may have influenced the rental market dynamics by potentially easing demand pressure on rental properties.
In 2023 and 2024, average home prices in zip code 90270 continued their upward trajectory, reaching $604,839 in 2023 and $635,196 in 2024. This represents a 7.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift from the low-rate environment of previous years. These higher interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 90270 will continue to rise, potentially reaching around $750,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially surpassing $1,400 per month within the next five years, assuming the current growth rate continues.
In summary, zip code 90270 has demonstrated resilience in its real estate market, with increasing homeownership rates despite rising home prices. The area has maintained a predominantly renter-occupied status, but with a gradual shift towards homeownership. The recent spike in interest rates and continued appreciation of home values will likely shape the future of housing affordability and ownership patterns in this densely populated California neighborhood.
