Renter percentages in 94087 have remained constant at 43% since 2013, mirroring the stability in homeownership rates. However, average rent prices have seen substantial increases. In 2013, the average rent was $1,940, which rose to $2,943 by 2022, marking a 52% increase. This trend indicates that while the proportion of renters remained stable, they faced significantly higher housing costs over time. The population growth from 52,956 in 2013 to 57,789 in 2022 likely contributed to the upward pressure on rent prices.

In 2023, the average home price in 94087 experienced a slight decrease to $2,546,750, down 5.6% from the previous year. However, 2024 has seen a rebound, with prices rising to $2,727,754, a 7.1% increase from 2023. This recent uptick occurs despite the federal interest rate reaching 5.33% in 2024, suggesting strong demand in this desirable area even in a higher interest rate environment.

Looking ahead, predictive models suggest that average home prices in 94087 may continue to rise, potentially reaching around $3 million by 2029. Average rent prices are also expected to increase, possibly surpassing $3,500 per month within the next five years. These projections are based on historical trends and assume continued economic growth in the Silicon Valley region.

In summary, zip code 94087 has demonstrated remarkable stability in homeownership and renter percentages over the past decade, while simultaneously experiencing significant appreciation in both home values and rent prices. The area's resilience to interest rate fluctuations and its recent price rebound in 2024 highlight its strong appeal in the competitive Bay Area real estate market. As we look to the future, both homeowners and renters in this zip code can anticipate continued growth in property values and housing costs.