90240, Downey, CA

Downey, CA is located in the southeastern region of Los Angeles County and has a population of over 150,000 people. The city was founded in 1903 and is known for its aerospace industry and production of television shows such as "The O.C." The city's economy is based on aerospace, defense contracting, retail trade, and professional services. Home prices in Downey have increased significantly over the past few years due to strong demand from buyers and limited supply of homes available for sale.

According to Zillow's analysis of home equity data from 2016, the median home value in Downey was $262,500. This represents an increase of more than $100,000 since 2015 and a nearly 20% increase since 2014. In addition to strong home values, Downey also has some of the lowest mortgage rates in Los Angeles County. According to LendingTree's 2018 report on mortgage rates in California, the average rate for a 30-year fixed-rate mortgage in Downey was 3.92%. This compares favorably with the statewide average rate of 4.14%.

Despite these positive trends, there are some risks associated with buying or owning a home in Downey. First and foremost is the possibility that prices could decline significantly if there are any major changes in the local economy or housing market conditions (e.g., an increase in interest rates). Another potential risk is that you may not be able to sell your home quickly if you decide to move or if it becomes uninhabitable due to damage or neglect (e.g., water damage). Finally, note that while Downey has some of the lowest mortgage rates available nationwide, these rates may not be available when you actually need them (due to pre-qualification requirements or other factors).