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Zip Code 91770: Rising Home Values and Stable Ownership in Rosemead, 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 91770, located in Rosemead, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its diverse community and proximity to Los Angeles, has seen interesting shifts in its real estate market. The ownership percentage in zip code 91770 has remained relatively stable, fluctuating between 50% and 53% from 2013 to 2022. During this period, average home prices have shown a strong upward trend. In 2013, the average home price was $430,975, which steadily increased to $838,425 by 2022, representing a substantial 94.5% increase over nine years. This trend suggests that despite rising home prices, the community has maintained a consistent balance between owners and renters. Federal interest rates have played a role in homeownership rates in zip code 91770. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), the homeownership rate remained stable at around 50-52%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight dip in homeownership to 51%. However, the community showed resilience, with ownership rates bouncing back to 52% by 2022, even as interest rates climbed to 1.68%.
Renter percentages in zip code 91770 have mirrored the homeownership trends, ranging from 47% to 50% between 2013 and 2022. Average rent prices have generally increased during this period, albeit at a slower pace compared to home prices. In 2013, the average rent was $1,357, which rose to $1,475 by 2022, marking a 8.7% increase. Interestingly, there was a significant spike in average rent in 2021 to $1,619, possibly influenced by the pandemic-related market changes, before normalizing in 2022.
Looking at the most recent data, the average home price in zip code 91770 slightly decreased to $837,300 in 2023 but is projected to rise to $881,799 in 2024. This represents a 5.3% increase from 2023 to 2024. Notably, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 91770 will continue to rise, potentially reaching around $1,050,000 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 $1,700 by 2029, considering the historical trend and potential market adjustments.
In summary, zip code 91770 has demonstrated a resilient real estate market with steadily increasing average home prices and more gradually rising average rent prices. The area has maintained a balanced ratio of owners to renters despite significant home price appreciation. The recent spike in interest rates may present new challenges for homeownership, but historical data suggests that this community has been able to adapt to changing market conditions.
