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Zip Code 91384: Soaring Home Values and Ownership Rates in Castaic, California
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 91384, located in Castaic, California, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable increase in homeownership, coupled with rising average home prices and average rent costs.
The homeownership rate in zip code 91384 has shown a steady upward trend, increasing from 80% in 2013 to 85% in 2022. This 5 percentage point increase coincides with a substantial rise in average home prices. In 2013, the average home price was $379,298, which more than doubled to $789,043 by 2022. This correlation suggests that as property values increased, more residents were motivated to invest in homeownership, possibly viewing it as a sound financial decision.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 91384. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership increased from 80% to 83%. The accessibility of affordable mortgages likely contributed to this rise in homeownership. As interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, the rate of homeownership growth slowed but remained positive, suggesting other factors were also influencing the market.
The renter population in zip code 91384 has decreased correspondingly, from 20% in 2013 to 15% in 2022. Despite this decline, average rent prices have risen significantly, from $1,910 in 2013 to $2,534 in 2022, an increase of 32.7%. This trend indicates a tightening rental market, possibly due to the decreased supply of rental properties as more homes transitioned to owner-occupied status. The population decline from 27,654 in 2013 to 25,596 in 2022 may have also contributed to the rental market dynamics by potentially reducing overall housing demand.
In 2023 and 2024, the housing market in zip code 91384 showed signs of stabilization. The average home price slightly decreased to $773,811 in 2023 before rebounding to $806,650 in 2024. This slight dip and recovery occurred against the backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates may have temporarily cooled the market before other factors drove prices up again.
Looking ahead, predictive models suggest that average home prices in zip code 91384 may continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $900,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $3,000 per month within the same timeframe. These projections assume continued economic stability and sustained demand in the area.
In summary, zip code 91384 has experienced a significant shift towards homeownership, accompanied by substantial increases in both average home prices and average rent costs. The interplay between federal interest rates, local economic conditions, and population changes has shaped these trends. As the area moves forward, it appears poised for continued growth in property values and rental rates, reflecting its desirability as a residential location.
