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Zip Code 93267: Strathmore's Homeownership Surge and Rising Home Values
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 93267, located in Strathmore, California, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a notable increase in owner-occupied housing and fluctuating average home prices, alongside changes in rental market dynamics. The homeownership rate in zip code 93267 has shown a remarkable upward trend, particularly in recent years. In 2013, the ownership rate was 50%, but by 2022, it had surged to 76%, representing a 52% increase over this period. This substantial rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $108,589, which steadily climbed to $270,296 by 2022, marking a 149% increase. The most dramatic rise in homeownership occurred between 2019 and 2022, jumping from 58% to 76%, while average home prices increased by 43% during the same period.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the initial gradual increase in homeownership, from 50% in 2013 to 60% in 2020. The subsequent sharp rise in homeownership to 76% by 2022 occurred despite a slight increase in interest rates to 1.68% in 2022, suggesting other factors were also influencing this trend.
Conversely, the percentage of renters in zip code 93267 has decreased significantly, from 50% in 2013 to 24% in 2022. Despite this decline, average rent prices have shown some volatility. In 2013, the average rent was $845, peaking at $891 in 2018, before decreasing to $819 in 2022. The population of the area has also fluctuated, reaching a high of 7,360 in 2011 and decreasing to 5,577 by 2022. This population decline, coupled with the shift towards homeownership, may have contributed to the relatively stable rent prices despite the decreasing proportion of renters.
As of 2024, the average home price in zip code 93267 has risen to $281,766, showing a continued upward trend from the 2022 figure. This increase has occurred alongside a significant rise in federal interest rates, which reached 5.33% in 2024. Despite these higher interest rates, the housing market in this area appears to remain robust.
Looking ahead, predictive models suggest that average home prices in zip code 93267 may continue to rise over the next five years, potentially reaching around $320,000 by 2029. However, this growth rate may moderate compared to the rapid increases seen in recent years. Average rent prices are projected to remain relatively stable, possibly increasing slightly to around $850 per month by 2029, assuming current trends continue.
In summary, zip code 93267 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. This trend has persisted even in the face of rising interest rates. The rental market has seen a decline in the proportion of renters, with relatively stable rent prices. These trends reflect a changing housing landscape in Strathmore, with a growing preference for homeownership and continued appreciation of property values.
