Loading Content...
Zip Code 93737: Rising Home Values and Stable Ownership in Fresno's Growing Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 93737, located in Fresno, California, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population and homeownership rates, coupled with fluctuating average home prices and rent costs.
The homeownership rate in zip code 93737 has remained relatively stable, ranging from 86% to 89% between 2013 and 2022. This high rate of homeownership coincides with a substantial increase in average home prices. In 2010, the average home price was $271,840, which rose to $520,167 by 2022, representing a 91% increase over 12 years. This trend suggests a strong correlation between the consistent high homeownership rates and the rising property values in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the consistently high homeownership rates in zip code 93737, as lower rates typically make mortgages more affordable and encourage home buying. The slight fluctuations in homeownership percentages during this period (between 86% and 89%) may be attributed to other local economic factors or housing market conditions.
Renter percentages in zip code 93737 have remained relatively low, ranging from 11% to 14% between 2013 and 2022. Despite the low percentage of renters, average rent prices have shown an upward trend. In 2013, the average rent was $1,635, which increased to $1,590 by 2022, representing a modest 2.8% decrease over nine years. However, it's worth noting that rent prices peaked at $1,747 in 2018 before slightly declining. The relatively stable renter percentages, coupled with the area's population growth from 5,857 in 2013 to 11,099 in 2022, suggest that the rental market has remained competitive despite the strong preference for homeownership in this zip code.
In 2023, the average home price in zip code 93737 decreased slightly to $507,604, down 2.4% from the previous year. This slight dip coincided with a significant increase in federal interest rates, which rose to 5.02% in 2023. Moving into 2024, we see a modest recovery in average home prices, reaching $514,915, while interest rates further increased to 5.33%. These higher interest rates may impact affordability and could potentially influence future homeownership rates in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 93737 may continue to show moderate growth, potentially reaching around $550,000 to $600,000 by 2029. However, this growth rate might be slower compared to the rapid increases seen in the past decade due to higher interest rates. Average rent prices could stabilize or see modest increases, potentially reaching $1,700 to $1,800 per month by 2029, assuming continued population growth and demand for rental properties in the area.
In summary, zip code 93737 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has maintained a strong preference for homeownership despite rising home prices, likely supported by historically low interest rates until recent years. The rental market, while smaller, has remained stable with gradually increasing rents. The recent uptick in interest rates and slight fluctuations in home prices suggest a potential shift in market dynamics, which may influence future trends in both homeownership and rental markets in this Fresno zip code.
