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Average Home Values and Ownership in Zip Code 92110: Mission Bay's Changing Housing Landscape
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 92110, located in San Diego, California, has experienced significant changes in its housing market over the past decade. This area, known for its proximity to Mission Bay and the University of San Diego, has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices.
The homeownership rate in zip code 92110 has shown a declining trend from 2013 to 2022. In 2013, 41% of residents were homeowners, but by 2022, this figure had dropped to 36%. This 5% decrease in homeownership coincided with a dramatic rise in average home prices. In 2013, the average home price was $416,714, and by 2022, it had more than doubled to $916,105. This inverse relationship suggests that rising home prices may have made homeownership less attainable for many residents in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in the zip code actually increased slightly from 41% to 43%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates declined to 40%. The sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) did not reverse the downward trend in homeownership, likely due to the continued rapid increase in home prices.
As homeownership declined, the percentage of renters in zip code 92110 increased from 59% in 2013 to 64% in 2022. This rise in renters was accompanied by a steady increase in average rent prices. In 2013, the average rent was $1,626, and by 2022, it had risen to $2,043, an increase of over 25%. The population of the zip code also grew during this period, from 26,144 in 2013 to 29,681 in 2022, which likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 92110 continued to evolve. The average home price in 2023 was $931,162, showing a slight increase from 2022. In 2024, the average home price rose further to $987,432. Interestingly, these increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong underlying demand for housing in the area, potentially driven by factors such as local economic growth or the desirability of the location.
Looking ahead, based on the historical trends and current market conditions, we can predict that average home prices in zip code 92110 will continue to rise over the next five years, albeit at a potentially slower rate due to high interest rates. Average rent prices are also likely to increase, driven by the growing renter population and the overall upward trend in housing costs. However, if interest rates remain high, we might see a stabilization or slight decrease in home prices as fewer buyers enter the market.
In summary, zip code 92110 has experienced a significant shift towards a renter-majority population, with homeownership rates declining as average home prices have more than doubled since 2013. Average rent prices have also seen substantial increases, reflecting the growing demand for rental properties in the area. The coming years are likely to see continued growth in both home and rent prices, shaped by population growth, interest rates, and the overall desirability of this San Diego neighborhood.
