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Zip Code 90292: Marina del Rey's Rising Home Values and Resilient Ownership Rates
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 90292, located in Los Angeles, California, is a vibrant coastal area known for its beautiful Marina del Rey harbor and proximity to Venice Beach. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting the dynamic nature of the Los Angeles real estate market.
The homeownership rate in zip code 90292 has shown a slight increase in recent years, rising from 27% in 2016 to 33% in 2022. This trend coincides with a substantial increase in average home prices, which rose from $917,953 in 2016 to $1,331,810 in 2022, representing a 45% increase over six years. The relationship between homeownership rates and average home prices in this area appears to be complex, with rising home values not deterring a modest increase in homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 90292. The period of historically low interest rates from 2010 to 2021, with rates ranging from 0.08% to 0.40%, coincided with the gradual increase in homeownership rates. This relationship is particularly evident in the years 2020 and 2021, when interest rates were at their lowest (0.38% and 0.08% respectively), and homeownership rates reached 29% and 33%.
Renter percentages in zip code 90292 have remained high but slightly decreased from 72% in 2016 to 67% in 2022. During this period, average rent prices showed a significant upward trend, increasing from $2,592 in 2016 to $2,887 in 2022, a 11.4% rise. The population growth from 23,540 in 2016 to 24,191 in 2022 likely contributed to the sustained high rental demand and increasing rent prices, despite the slight decrease in renter percentage.
In 2023 and 2024, the average home prices in zip code 90292 showed a slight fluctuation. The average home price in 2023 was $1,280,844, indicating a 3.8% decrease from 2022. However, in 2024, the average home price increased slightly to $1,288,693. This modest recovery occurs despite the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 90292 may experience moderate growth over the next five years. The area's desirable location and limited housing supply could support continued price appreciation, albeit at a slower rate than seen in previous years due to higher interest rates. Average rent prices are likely to continue their upward trajectory, driven by the area's persistent high renter population and ongoing demand for housing in this sought-after Los Angeles neighborhood.
In summary, zip code 90292 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The area maintains a high proportion of renters, with steadily increasing rent prices. The recent stabilization of home prices in 2023-2024, coupled with rising interest rates, suggests a potential shift in market dynamics that will be important to monitor in the coming years.
