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Zip Code 93436: Home Values and Ownership Trends Near Vandenberg Space Force Base
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 93436, located in California, encompasses the city of Lompoc, known for its beautiful flower fields and proximity to Vandenberg Space Force Base. This area has experienced notable shifts in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values.
The homeownership rate in Lompoc has shown a steady increase from 2013 to 2022. In 2013, 51% of residents were homeowners, and this figure rose to 56% by 2022. This upward trend in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $222,062, and it more than doubled to $519,122 by 2022, representing a 133.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in Lompoc shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates only increased modestly from 51% to 53%. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership surprisingly jumped to 56%. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in this area.
The renter population in Lompoc has correspondingly decreased from 49% in 2013 to 44% in 2022. During this period, average rent prices have fluctuated but generally trended upward. The average rent was $1,388 in 2013, peaked at $1,489 in 2021, and then decreased slightly to $1,405 in 2022. This represents a modest 1.2% increase in average rent over the nine-year period, significantly lower than the growth rate of home prices.
In 2023 and 2024, the housing market in Lompoc continued to evolve. The average home price reached $526,985 in 2023 and further increased to $559,624 in 2024, showing a 6.2% year-over-year growth. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years.
Looking ahead, predictive models suggest that average home prices in Lompoc may continue to rise over the next five years, potentially reaching around $650,000 by 2029 if current trends persist. Average rent prices are also expected to increase, albeit at a slower pace, potentially reaching approximately $1,600 by 2029.
In summary, Lompoc's housing market has been characterized by a steady increase in homeownership rates, substantial growth in average home prices, and relatively stable average rent prices. The coming years may see continued appreciation in both home values and rental costs, with homeownership remaining an attractive option for residents of this California city.
