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Average Home Values and Ownership in Zip Code 92411: A Decade of Growth in San Bernardino
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 92411, located in San Bernardino, California, has experienced significant changes in homeownership rates and property values over the past decade. This area, covering 4.78 square miles, has seen a notable shift in its housing market dynamics, with average home prices and rent values fluctuating alongside ownership trends.
The ownership percentage in zip code 92411 has shown a gradual increase over the years, rising from 50% in 2013 to 56% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $94,572, which more than quadrupled to $389,066 by 2022. This remarkable 311% increase in average home prices over a nine-year period indicates a strong correlation between rising property values and growing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 92411. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained stable at around 50%. As interest rates began to rise gradually from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased, reaching 55% by 2019. This suggests that other local factors, such as economic growth or housing policies, may have had a stronger influence on homeownership than interest rates alone in this particular zip code.
Renter percentages in zip code 92411 have shown an inverse relationship to homeownership rates, decreasing from 50% in 2013 to 44% in 2022. Interestingly, average rent prices have not followed a consistent trend during this period. In 2013, the average rent was $1,100, which increased to $1,199 in 2014 before fluctuating in subsequent years. By 2022, the average rent had reached $1,104, representing only a marginal increase over the ten-year period. This relatively stable rent trend, despite the significant increase in home prices, may have contributed to the shift towards homeownership in the area.
Looking at the most recent data, average home prices in zip code 92411 continued to rise in 2023 and 2024, reaching $406,277 and $425,502 respectively. This represents a 4.4% increase from 2022 to 2023 and a further 4.7% increase from 2023 to 2024. Notably, federal interest rates have also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued appreciation in home values suggests ongoing demand for housing in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 92411 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. Based on historical data and current market conditions, we project average home prices could reach approximately $500,000 by 2029. Average rent prices are expected to show modest growth, potentially reaching around $1,400 per month in the same timeframe, assuming current economic conditions and housing supply trends persist.
In summary, zip code 92411 has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. Despite fluctuations in federal interest rates, the area has seen a consistent upward trend in property values. The relatively stable rent prices, combined with rising home values, have likely contributed to the increased preference for homeownership. As we look to the future, the housing market in this zip code appears poised for continued growth, with both home prices and rent values expected to increase, albeit at potentially different rates.
