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Zip Code 91776: Rising Home Values and Shifting Ownership in San Gabriel's Dynamic Housing Market
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 91776, located in San Gabriel, California, showcases an evolving real estate landscape over the past decade. This area has experienced significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 91776 has fluctuated over the years, with a notable decline from 42% in 2013 to 38% in 2019, before rebounding to 42% in 2022. This trend coincides with substantial increases in average home prices. In 2013, the average home price was $493,405, which rose dramatically to $917,784 by 2022, representing an 86% increase over nine years. This inverse relationship suggests that rising home prices may have initially pushed some residents towards renting, but the trend reversed in recent years despite continued price appreciation.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates declined from 42% to 40%. This counterintuitive trend might be attributed to rapidly increasing home prices outpacing the benefits of low interest rates. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates continued to decline to 38%, suggesting that higher borrowing costs further deterred potential buyers.
Renter percentages in zip code 91776 initially increased from 58% in 2013 to 62% in 2019, before declining to 58% in 2022. This trend aligns with the changes in average rent prices, which rose from $1,307 in 2013 to $1,513 in 2022, an increase of 15.8% over nine years. The population remained relatively stable during this period, fluctuating between 37,654 in 2013 and 38,008 in 2022, indicating that changes in renter percentages were more likely driven by market forces than significant population shifts.
In 2023 and 2024, the real estate market in zip code 91776 continued to evolve. The average home price slightly decreased to $908,624 in 2023 but rebounded to $957,883 in 2024. This represents a 4.4% increase from 2023 to 2024, despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024. These high interest rates typically discourage home buying, yet the market shows resilience with continued price appreciation.
Looking ahead, predictive models suggest that average home prices in zip code 91776 may continue to rise over the next five years, potentially reaching or exceeding $1 million by 2029. Average rent prices are also expected to increase, possibly surpassing $1,800 per month within the same timeframe. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 91776 has demonstrated a complex interplay between homeownership rates, average home prices, and average rent prices. The area has seen substantial home price appreciation, fluctuating homeownership rates, and steadily increasing rent prices. The recent rebound in homeownership despite high home prices and interest rates suggests a strong local housing market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the local real estate landscape.
