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Zip Code 94531: Rising Home Values and Stable Ownership in Antioch, 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 94531, located in Antioch, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience in maintaining a relatively high percentage of owner-occupied housing units while navigating fluctuating market conditions.
The homeownership rate in zip code 94531 has remained relatively stable, with slight fluctuations between 69% and 74% from 2013 to 2022. Interestingly, the highest homeownership rate of 74% was observed in both 2019 and 2021. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $287,456, which rose dramatically to $723,458 by 2022, representing a 151.7% increase over nine years. This trend suggests that despite rising home prices, residents in this zip code have maintained a strong inclination towards homeownership.
The relationship between federal interest rates and homeownership rates in zip code 94531 presents an interesting dynamic. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates slightly decreased from 72% to 69%. However, as interest rates began to rise from 2016 onwards, homeownership rates remained relatively stable, even showing a slight increase to 74% by 2021 when interest rates were at 0.08%. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rates alone.
Regarding rental trends, the percentage of renter-occupied housing units in zip code 94531 has fluctuated between 26% and 31% from 2013 to 2022. The highest renter percentage of 31% was observed in 2015, coinciding with an average rent price of $2,304. Interestingly, as the population increased from 41,496 in 2013 to 42,982 in 2022, average rent prices also rose, peaking at $2,549 in 2020 before slightly decreasing to $2,453 in 2022. This trend indicates a growing demand for rental properties in the area, potentially driven by population growth and rising home prices that may have priced some residents out of the buying market.
In 2023 and 2024, we see a shift in the housing market for zip code 94531. The average home price in 2023 was $678,309, representing a 6.2% decrease from 2022. However, in 2024, the average home price has rebounded slightly to $693,432. This recent trend coincides with higher interest rates, which were 5.02% in 2023 and 5.33% in 2024, potentially impacting buyer behavior and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project some potential scenarios for the next five years. Average home prices in zip code 94531 may continue to experience moderate growth, potentially reaching around $750,000 to $800,000 by 2029. Average rent prices could also see a steady increase, potentially surpassing $2,700 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 94531 has demonstrated a robust housing market with consistently high homeownership rates despite significant increases in average home prices. The area has also seen growing demand for rentals, reflected in rising average rent prices. The recent slight dip in home prices followed by a rebound, coupled with higher interest rates, suggests a market in transition. As we move forward, it will be crucial to monitor how these trends evolve and impact the local real estate landscape.
