Loading Content...
Zip Code 93950: Home Values and Ownership Trends in Pacific Grove's Butterfly Haven
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pacific Grove, located in zip code 93950 in California, is a coastal community known for its Victorian architecture and butterfly sanctuary. This area has experienced fluctuating homeownership rates and significant increases in both average home prices and average rent prices over the past decade. The homeownership rate in zip code 93950 has remained relatively stable, hovering around 47-48% from 2013 to 2021, with a slight increase to 49% in 2022. During this period, average home prices have shown a strong upward trend. In 2013, the average home price was $616,589, which steadily increased to $1,366,054 by 2022, representing a 121.5% increase over nine years. This substantial rise in home prices, despite the relatively stable homeownership rate, suggests that the area has become increasingly attractive to buyers, possibly due to its desirable location and limited housing supply.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical pattern observed nationally. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively constant. This suggests that other factors, such as high home prices or local economic conditions, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 93950 have slightly increased from 52% in 2014 to 54% in 2019, before settling back to 51% in 2022. Concurrently, average rent prices have shown a consistent upward trend. In 2013, the average rent was $1,661, which increased to $2,016 by 2022, representing a 21.4% rise. The population has remained relatively stable during this period, fluctuating between 15,065 and 15,458 residents. The combination of rising rent prices and a stable population suggests a competitive rental market, possibly driven by the area's desirability and limited housing supply.
In 2023 and 2024, average home prices in zip code 93950 continued to rise, reaching $1,367,691 in 2023 and $1,389,982 in 2024. This represents a modest increase of 1.6% from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 93950 will continue to increase, potentially reaching around $1,600,000 by 2029. Average rent prices are also expected to rise, potentially surpassing $2,500 per month within the next five years. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 93950 in Pacific Grove has experienced significant growth in both average home prices and average rent prices over the past decade. The area maintains a relatively balanced mix of homeowners and renters, with a slight trend towards increased renting. Despite fluctuations in federal interest rates, local factors appear to have a stronger influence on housing trends in this desirable coastal community. The continued rise in both home prices and rents suggests ongoing demand for housing in this area, which is likely to persist in the coming years.
