90638, La Mirada, CA

The La Mirada zip code 90638 has a population of around 116,000 people and is located in the San Gabriel Valley region of Los Angeles County. The median home value in this zip code is $527,000 which is significantly higher than the California statewide median home value of $217,500. In addition, the La Mirada zip code has a high rate of home equity ownership with over 60% of households owning their homes outright or with a mortgage that is less than 80% of the value of their homes. This high rate of home equity ownership indicates that residents in this zip code are confident in their ability to maintain and improve their homes over time.

One reason why homeownership rates are so high in La Mirada is because there are relatively few housing units available for sale compared to other areas of Los Angeles County. In fact, only 2% of all housing units in La Mirada are for sale which means that most residents have access to stable and affordable housing options. Additionally, many homeowners in La Mirada have invested money into improving their homes over time by adding new windows or roofs, landscaping or garages. These investments not only make their homes more comfortable but also increase the resale value potential of their properties.

Despite these positive factors, there are some challenges facing homeownership rates in La Mirada. One issue is that wages have not kept pace with inflation over the past several years which has made it more difficult for residents to afford a down payment on a house or to pay off existing debt obligations. Another challenge facing homeownership rates in La Mirada is that interest rates have been relatively low recently which makes it more expensive for people to borrow money to purchase a house or to refinance an existing mortgage. However, despite these challenges, overall homeownerhip rates continue to be high relative to other parts of California and nationwide trends suggest that they will likely remain elevated for some time