Zip Code 93280: Rising Home Values and Ownership Rates in Wasco, California
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 93280, located in Wasco, California, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 93280 has shown a notable upward trend, increasing from 50% in 2013 to 60% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $116,432, which steadily climbed to $272,795 by 2022, representing a 134% increase over this period. This trend suggests that despite rising prices, more residents were able to transition into homeownership, possibly due to favorable economic conditions or changing preferences in the local market.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 93280. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial increase in homeownership from 50% to 54%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), we still observed an increase in homeownership to 60%, indicating strong local demand for housing that overcame the potential deterrent of higher borrowing costs.
Renter percentages in zip code 93280 have inversely mirrored the homeownership trend, decreasing from 50% in 2013 to 40% in 2022. Interestingly, average rent prices have shown some volatility during this period. The average rent was $933 in 2013, dipped to a low of $845 in 2020, and then rose to $822 in 2022. This fluctuation in rent prices, coupled with the declining percentage of renters, suggests a complex interplay between housing affordability, population changes, and shifting preferences towards homeownership in the area.
In 2023 and 2024, the housing market in zip code 93280 continued to evolve. The average home price reached $285,304 in 2023 and further increased to $302,687 in 2024, representing a 6% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, yet the continued rise in home prices suggests strong demand and possibly limited housing supply in the area.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $350,000 by 2029. Average rent prices are expected to rise at a slightly slower pace, with an estimated annual increase of 2-3%, potentially reaching about $950 per month by 2029.
In summary, zip code 93280 has experienced a significant shift towards homeownership over the past decade, with a 10 percentage point increase from 2013 to 2022. This trend has occurred alongside substantial growth in average home prices, which more than doubled during the same period. Despite fluctuations in average rent prices and rising interest rates, the area has maintained strong housing demand, as evidenced by the continued price appreciation in 2023 and 2024. These trends suggest a robust and dynamic housing market in Wasco, with predictions indicating further growth in both the ownership and rental sectors in the coming years.
