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Zip Code 94563: Rising Home Values and High Ownership Rates in Orinda, 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 94563, located in Orinda, California, is a desirable suburban area known for its excellent schools and proximity to San Francisco. This zip code has experienced notable trends in homeownership rates, average home prices, and average rent prices over the past decade.
The homeownership rate in zip code 94563 has shown a steady increase from 2013 to 2022. In 2013, 86% of residents were homeowners, and this figure rose to 90% by 2022. This upward trend in homeownership coincided with a significant increase in average home prices. In 2016, the average home price was $1,438,971, which grew to $2,145,234 by 2022, representing a 49% increase over six years.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Despite fluctuations in interest rates, the homeownership rate continued to rise. For instance, when interest rates were at 0.13% in 2015, the homeownership rate was 86%. As interest rates increased to 1.83% in 2018, homeownership remained stable at 86%. Even with further increases in interest rates to 1.68% in 2022, homeownership reached 90%, suggesting that other factors beyond interest rates influenced homeownership decisions in this area.
The renter percentage in zip code 94563 has shown a corresponding decline as homeownership increased. In 2013, 13% of residents were renters, and this figure decreased to 10% by 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $1,793, which peaked at $2,608 in 2017 before settling at $2,537 in 2022. This represents a 41% increase in average rent from 2013 to 2022, despite the declining renter population.
Looking at the most recent data, the average home price in zip code 94563 for 2023 was $2,042,036, showing a slight decrease from 2022. In 2024, the average home price has risen slightly to $2,059,817. The federal interest rate in 2023 was 5.02%, increasing to 5.33% in 2024, which are significantly higher rates compared to the previous decade.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 94563 will continue to rise, albeit at a more moderate pace. Given the historical data and current market conditions, we project average home prices could reach approximately $2.3 million by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching around $2,800 per month in the next five years.
In summary, zip code 94563 has demonstrated a strong trend towards increased homeownership, with rates rising from 86% to 90% between 2013 and 2022. This trend has occurred alongside substantial growth in average home prices, which increased by 49% from 2016 to 2022. Despite rising interest rates, the area has maintained high homeownership levels, indicating strong demand for housing in this desirable location. The rental market has seen declining occupancy but rising average rents, suggesting a shift in the local housing landscape. Moving forward, both home prices and rents are expected to continue their upward trajectory, reflecting the ongoing attractiveness of this zip code to residents and investors alike.
