Renter percentages in zip code 92173 have consistently been the majority, ranging from 66% to 70% between 2013 and 2022. Average rent prices have shown a general upward trend, increasing from $1,091 in 2013 to $1,265 in 2022, a 16% rise over nine years. This increase in rent prices, while significant, has been less dramatic than the surge in home prices. The high renter percentage could be attributed to the area's rising home prices, potentially making homeownership less attainable for many residents.

Looking at the most recent data, the average home price in zip code 92173 reached $633,722 in 2023 and further increased to $686,045 in 2024. This represents an 11.3% increase from 2022 to 2024, indicating continued strong growth in the housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 92173 will continue to rise, potentially reaching around $850,000 by 2029. This projection is based on the historical growth rate and assumes continued demand in the area. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,500 by 2029, reflecting the historical trend of slower growth in rent compared to home prices.

In summary, zip code 92173 in San Diego has experienced substantial growth in average home prices over the past decade, with a more modest increase in average rent prices. The area maintains a high percentage of renters, likely due to the rising cost of homeownership. Despite fluctuations in federal interest rates, the local housing market has shown resilience and continued appreciation. The coming years are likely to see further increases in both home prices and rents, potentially affecting the accessibility of homeownership in this desirable San Diego neighborhood.