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Zip Code 91344: Resilient Homeownership Amid Rising Home Values in Los Angeles
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 91344, located in Los Angeles, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has maintained a relatively high rate of homeownership, with a slight downward trend in recent years, while seeing substantial increases in both average home values and average rent prices. The homeownership rate in zip code 91344 has shown a gradual decline from 76% in 2013 to 73% in 2022. During this same period, average home prices have experienced remarkable growth. In 2013, the average home price was $439,364, which increased to $955,541 by 2022, representing a 117% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making it more challenging for some residents to become homeowners.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 74-75%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), we observed a slight decrease in homeownership, dropping to 73% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 91344 has increased from 24% in 2013 to 27% in 2022. Concurrently, average rent prices have shown an overall upward trend. In 2013, the average rent was $1,933, which rose to $2,197 by 2022, representing a 13.7% increase. The population in this zip code has also grown from 52,318 in 2013 to 54,101 in 2022, potentially contributing to increased demand for rental properties and subsequently higher rent prices.
Looking at the most recent data, average home prices in zip code 91344 reached $944,209 in 2023 and further increased to $997,377 in 2024. This represents a 5.6% growth from 2023 to 2024, indicating continued appreciation in the local real estate market. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 91344 will continue to rise, potentially reaching around $1.2 million by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For average rent prices, we expect a more moderate increase, potentially reaching approximately $2,600 by 2029, reflecting the ongoing demand for rental properties in the area.
In summary, zip code 91344 has experienced a slight decrease in homeownership rates alongside substantial increases in average home prices over the past decade. The rental market has seen growth in both the percentage of renters and average rent prices. Recent data shows continued appreciation in home values, coupled with rising interest rates. These trends suggest a dynamic real estate market in this Los Angeles zip code, with potential challenges for affordability and homeownership in the coming years.
