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Average Home Values and Ownership in Zip Code 92376: A Decade of Steady Growth in Rialto, California
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 92376, located in Rialto, California, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, alongside substantial increases in both average home prices and average rent prices.
The homeownership rate in zip code 92376 has remained relatively stable, with minor fluctuations between 58% and 60% from 2013 to 2022. Despite this stability, average home prices have seen a dramatic increase. In 2010, the average home price was $139,579, which steadily rose to $508,595 by 2022, representing a 264% increase over 12 years. This substantial growth in home values did not significantly impact homeownership rates, suggesting that other factors were at play in maintaining the balance between owners and renters.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2010 to 2016, interest rates remained historically low, hovering between 0.1% and 0.4%. During this period, homeownership rates in zip code 92376 remained relatively stable at around 58-59%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was no significant change in homeownership rates, which remained at 58% in 2022. This suggests that other local factors, such as employment opportunities or housing supply, may have had a more pronounced effect on homeownership than interest rates alone.
Renter percentages in zip code 92376 have mirrored homeownership rates, remaining relatively constant between 40% and 42% from 2013 to 2022. Average rent prices, however, have shown a steady increase. In 2013, the average rent was $1,290, which rose to $1,371 by 2022, an increase of 6.3% over nine years. This modest increase in rent prices, compared to the substantial rise in home prices, may have contributed to the stability in the renter population. The population of the zip code also grew during this period, from 82,009 in 2010 to 85,613 in 2022, potentially increasing demand for rental properties.
In 2023 and 2024, the housing market in zip code 92376 continued to evolve. The average home price reached $519,342 in 2023 and further increased to $547,307 in 2024, representing a 5.4% and 7.6% year-over-year increase, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in zip code 92376 will continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $650,000 by 2029. Average rent prices are also expected to increase, potentially reaching approximately $1,600 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 92376 has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The area has seen steady population growth and moderate increases in average rent prices, which have helped maintain a balance between owners and renters. The recent sharp rise in interest rates, coupled with continued growth in home prices, may present new challenges for potential homebuyers in the coming years. The housing market in this zip code will likely continue to evolve, with both opportunities and challenges for residents and investors alike.
