Loading Content...
Average Home Values and Ownership in Zip Code 92508: A Decade of Resilient Homeownership Amid Price Volatility
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 92508, located in Riverside, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a general trend of increasing property values and a relatively stable homeownership rate, with some fluctuations in recent years. The homeownership rate in zip code 92508 has remained relatively stable, hovering around 80% from 2013 to 2022. However, there have been slight fluctuations, with the rate dropping to 78% in 2018 before recovering to 80% in subsequent years. During this same period, average home prices have shown a strong upward trend. In 2013, the average home price was $323,211, which steadily increased to $726,500 by 2022, representing a substantial 124.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't show a strong correlation. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions and housing supply, may have played a more significant role in determining homeownership rates in this area.
Renter percentages in zip code 92508 have remained relatively low, ranging from 18% to 21% between 2013 and 2022. The average rent prices have shown a general upward trend during this period. In 2013, the average rent was $2,020, which increased to $2,248 by 2022, representing an 11.3% increase. It's worth noting that the population in this zip code grew from 36,353 in 2013 to 36,815 in 2022, a modest 1.3% increase, which may have contributed to the steady demand for rental properties.
In 2023 and 2024, we see a slight decrease followed by an increase in average home prices. The average home price in 2023 was $723,691, showing a minimal decrease from 2022. However, in 2024, the average home price rose to $760,939, representing a 5.1% increase from 2023. Interestingly, this increase occurred despite the federal interest rate rising to 5.33% in 2024, which is typically expected to cool down the housing market.
Looking ahead, we can predict continued growth in both average home prices and rent prices for zip code 92508 over the next five years. Based on the historical data and current trends, we can expect average home prices to potentially reach around $900,000 by 2029, assuming a conservative annual growth rate of 3-4%. Similarly, average rent prices could increase to approximately $2,600 by 2029, based on an estimated annual growth rate of 2-3%.
In summary, zip code 92508 has demonstrated a robust housing market with steadily increasing property values and relatively stable homeownership rates. The area has shown resilience to changes in federal interest rates, maintaining high homeownership levels despite fluctuations in rates. The rental market has also seen steady growth, with modest increases in average rent prices. As we look to the future, both the home buying and rental markets in this zip code are poised for continued growth, making it an area of interest for both homeowners and investors.
