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Zip Code 91764: Ontario, California's Housing Market Sees Doubling of Average Home Values Amid Ownership Decline
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
In zip code 91764, located in Ontario, California, significant trends in homeownership rates, average home prices, and average rent prices have been observed over the past decade. This area has experienced notable changes in its real estate market, reflecting broader economic shifts and local dynamics. The homeownership rate in this zip code has shown a slight decline over the years. In 2013, the area had a homeownership rate of 49%, which decreased to 44% by 2022. This decline coincides with a substantial increase in average home prices. In 2013, the average home price was $229,985, which more than doubled to $587,307 by 2022. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents. Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.4%), the homeownership rate remained relatively stable at around 45-46%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we see a slight decline in homeownership to 44%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 91764 has increased correspondingly with the decline in homeownership. The percentage of renters rose from 50% in 2013 to 56% in 2022. During this period, average rent prices also increased, though not as dramatically as home prices. In 2013, the average rent was $1,345, which grew to $1,571 by 2022, representing a 16.8% increase. The population in this zip code has also grown from 53,116 in 2013 to 55,975 in 2022, potentially contributing to increased demand for rental properties.
Looking at the most recent data, we see that in 2023, the average home price in zip code 91764 was $594,869, showing a modest increase from 2022. In 2024, the average home price further increased to $623,634. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homebuying affordability and potentially influence future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 91764 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We expect average home prices to reach approximately $700,000 by 2029. For rent prices, we project a steady increase, potentially reaching an average of around $1,900 per month by 2029, assuming continued population growth and demand for rental properties in the area.
In summary, zip code 91764 has experienced a shift towards a higher proportion of renters, coupled with significant increases in both average home prices and rent prices. The inverse relationship between rising home prices and declining homeownership rates, influenced by fluctuating interest rates, highlights the changing dynamics of the local real estate market. As the area continues to grow, these trends are likely to shape the future of housing in this Ontario neighborhood.
