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Zip Code 93927: Rising Home Values and Stable Ownership in Greenfield, California
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 93927, located in Greenfield, California, has experienced significant demographic and housing market changes over the past decade. This area, spanning 229.52 square miles, has seen a notable increase in population and fluctuations in homeownership rates, average home prices, and average rent prices.
The homeownership rate in zip code 93927 has remained relatively stable, hovering around 50% from 2013 to 2022. However, there have been slight fluctuations, with the rate reaching a low of 48% in 2018 and 2020, and a high of 52% in 2022. Interestingly, these changes in homeownership rates correspond with trends in average home prices. In 2013, when the average home price was $155,434, the homeownership rate was 51%. As average home prices steadily increased to $497,320 in 2022, the homeownership rate slightly improved to 52%, suggesting a resilient local housing market.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 50%. As interest rates rose to 1.68% in 2022, the homeownership rate increased slightly to 52%. This trend aligns with the general principle that lower interest rates can encourage homeownership due to more affordable financing options.
Renter percentages in zip code 93927 have also fluctuated, mirroring the changes in homeownership rates. The renter-occupied rate reached its peak at 52% in 2018 and 2020, coinciding with average rent prices of $1,388 and $1,489 respectively. Interestingly, as the population grew from 16,625 in 2010 to 20,166 in 2022, average rent prices increased from $1,288 in 2013 to $1,545 in 2022, indicating a strong demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 93927 reached $497,665 in 2023 and further increased to $518,428 in 2024. This upward trend continues despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust local housing market that has maintained growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home and rent prices for zip code 93927. Based on the historical data and current market conditions, average home prices could potentially reach around $600,000 by 2029. Similarly, average rent prices may increase to approximately $1,800 per month. These projections assume a steady population growth and continued economic stability in the region.
In summary, zip code 93927 has demonstrated a resilient housing market with steadily increasing average home and rent prices over the past decade. The area has maintained a balanced mix of homeowners and renters, adapting to changing economic conditions and interest rates. The recent surge in home prices, even amidst rising interest rates, indicates strong demand and potential for continued growth in this California housing market.
