90502, Torrance, CA

The Torrance, CA 90502 zip code has a population of about 213,000 people and is located in the western part of Los Angeles County. The median home value in the 90502 zip code is $527,500 which is about 2.5 times the national median home value of $177,500. The percentage of homes that are owner-occupied in the 90502 zip code is about 68% while the percentage of homes that are renter-occupied is about 32%.

The Torrance, CA 90502 zip code has a high rate of home equity compared to other parts of Los Angeles County. About 78% of households in the 90502 zip code have at least some equity in their homes which is significantly higher than the statewide average rate of 55%. This high level of equity may be due to relatively low rates of homeownership and high levels of household income relative to other parts of Los Angeles County. Additionally, many residents may have taken out mortgages or HELOCs (home equity linesof credit) to purchase their homes which gives them more flexibility to use their home equity if needed.

Despite having a high level of home equity, there has been a recent trend towards decreasing home prices in the 90502 zip code. Between January 2006 and January 2017, the median home price decreased by about 10%. This decrease may be partially due to increased competition from other areas within Los Angeles County as well as nationwide trends towards low interest rates and slower economic growth.