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Zip Code 91950: Rising Home Values and Stable Ownership in National City, 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
National City, California, zip code 91950, is a diverse urban area located in San Diego County. This zip code has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. The area has predominantly been renter-occupied, with homeownership rates fluctuating between 32% and 36% from 2013 to 2022.
The relationship between homeownership rates and average home prices in zip code 91950 shows an interesting trend. In 2013, when the homeownership rate was 34%, the average home price was $247,363. As average home prices steadily increased, reaching $627,766 in 2022, the homeownership rate remained relatively stable at 34%. This suggests that rising home prices did not significantly impact homeownership rates in this area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates in the zip code remained stable around 33-34%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates slightly increased to 36%. However, when interest rates dropped again in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates returned to 34%, indicating that other factors beyond interest rates may influence homeownership in this area.
Renter percentages and average rent prices in zip code 91950 have shown a consistent trend. In 2013, 66% of the population were renters, with an average rent of $1,112. As the renter percentage increased slightly to 68% in 2015, average rent also rose to $1,123. By 2022, the renter percentage returned to 66%, while average rent reached $1,271. This suggests a moderate positive correlation between renter percentages and average rent prices in the area.
In 2023, the average home price in zip code 91950 increased to $641,481, with the federal interest rate rising to 5.02%. As of 2024, the average home price has further increased to $675,946, while the federal interest rate has slightly risen to 5.33%. These figures indicate a continued upward trend in home prices despite higher interest rates, suggesting strong demand in the local real estate market.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 91950 to continue their upward trajectory, potentially reaching around $800,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 91950 in National City, California, has maintained a consistent renter-majority population despite significant increases in average home prices. The area has shown resilience to changes in federal interest rates, with homeownership rates remaining relatively stable. The continued rise in both average home prices and rent suggests a strong demand for housing in this urban area, likely driven by its location and local economic factors.
