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Zip Code 91361: Rising Home Values and Shifting Ownership Trends in Thousand Oaks
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 91361, located in Thousand Oaks, California, is a desirable suburban area known for its scenic landscapes and high quality of life. This area has experienced notable shifts in homeownership rates and property values over the past decade, with average home prices showing a consistent upward trend and ownership percentages remaining relatively stable.
From 2013 to 2022, the homeownership rate in zip code 91361 fluctuated slightly but generally remained high, ranging from 70% to 73%. During this period, average home prices saw a substantial increase. In 2013, the average home price was $768,680, and by 2022, it had risen to $1,467,659, representing a remarkable 91% increase over nine years. This trend suggests a strong correlation between rising property values and sustained high levels of homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.40%), homeownership rates in the zip code remained consistently high at 71-73%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 68% by 2022. This pattern aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 91361 have shown a slight increase over the years, rising from 29% in 2013 to 32% in 2022. Correspondingly, average rent prices have also increased, though not as dramatically as home prices. In 2013, the average rent was $2,060, and by 2022, it had risen to $2,690, a 31% increase. This trend suggests that while renting has become more prevalent, it has also become more expensive, potentially reflecting the overall increase in property values in the area.
As of 2024, the average home price in zip code 91361 stands at $1,510,942, showing a continued upward trajectory from previous years. The federal interest rate for 2024 is 5.33%, which is significantly higher than rates observed in the past decade. This increase in interest rates may impact homebuying decisions and could potentially lead to shifts in the local real estate market.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 91361 to continue rising over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by ongoing demand for housing in this desirable area. However, the rate of increase for both home prices and rents may be moderated by economic factors and potential market corrections.
In summary, zip code 91361 has demonstrated strong homeownership rates and significant property value appreciation over the past decade. The area has seen a slight increase in renters, accompanied by rising rent prices. The interplay between federal interest rates, homeownership rates, and property values highlights the complex dynamics of the local real estate market. As we move forward, the area is likely to continue experiencing growth in both home prices and rents, reflecting its enduring appeal as a residential location.
