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Zip Code 93908: Marina's Stable Homeownership Amidst 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 93908, located in Marina, California, is a diverse area spanning 263.43 square miles. This coastal region has experienced fluctuating homeownership rates and significant changes in both average home prices and average rent prices over the past decade.
The homeownership rate in zip code 93908 has remained relatively stable, with slight fluctuations between 69% and 71% from 2013 to 2022. Despite this stability, average home prices have shown a dramatic upward trend. In 2010, the average home price was $560,183, which increased to $1,109,889 by 2022, representing a nearly 98% increase over 12 years. This substantial growth in home values occurred even as the homeownership rate remained relatively constant, suggesting that other factors, such as local economic conditions and housing demand, played a significant role in driving up prices.
Federal interest rates have had a noticeable impact on homeownership rates in the area. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained steady at 70%. This stability in homeownership during a period of low interest rates suggests that other factors, such as high home prices, may have counteracted the typically positive effect of low interest rates on homeownership.
Renter percentages in zip code 93908 have mirrored the homeownership rates, fluctuating between 29% and 31% from 2013 to 2022. Interestingly, average rent prices have shown a significant upward trend during this period. In 2013, the average rent was $1,546, which increased to $2,305 by 2022, representing a 49% increase over nine years. This rise in rent prices occurred despite relatively stable renter percentages, indicating strong rental demand in the area. The population in the zip code has fluctuated over the years, with 18,679 residents recorded in 2022, which may have contributed to the pressure on rental prices.
Looking at the most recent data, the average home price in zip code 93908 reached $1,105,126 in 2023 and further increased to $1,152,166 in 2024. This represents a 4.3% increase from 2023 to 2024, indicating continued growth in the housing market. Simultaneously, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the near-zero rates seen in the early 2020s. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 93908 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $1,350,000 to $1,450,000, assuming a conservative annual growth rate of 3-5%. For average rent prices, we project an increase to around $2,700 to $2,900 per month by 2029, based on historical trends and accounting for potential economic factors.
In summary, zip code 93908 has demonstrated remarkable resilience in its housing market. Despite relatively stable homeownership rates, both average home prices and average rent prices have shown substantial increases over the past decade. The area has weathered changing interest rate environments and population fluctuations while maintaining strong property values. As we move forward, the interplay between rising interest rates, continued housing demand, and economic conditions will likely shape the future of this dynamic real estate market.
