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Average Home Values and Ownership in Zip Code 92549: Idyllwild-Pine Cove's Resilient Mountain Housing Market
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 92549, located in Idyllwild-Pine Cove, California, is a picturesque mountain community known for its scenic beauty and outdoor recreational opportunities. This area has experienced fluctuating trends in homeownership rates, average home prices, and average rent prices over the past decade, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 92549 has shown notable variations between 2013 and 2022. Starting at 75% in 2013, it decreased to 62% in 2017 before rebounding to 75% in 2022. This trend coincides with significant changes in average home prices. In 2013, the average home price was $206,842, which steadily increased to $518,644 by 2022, representing a substantial 150.7% increase over this period. The relationship between homeownership rates and average home prices appears complex, with initial price increases coinciding with decreased ownership, followed by a rebound in ownership despite continued price appreciation.
Federal interest rates have played a role in homeownership trends in this area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which typically encourages homeownership. However, the ownership rate in zip code 92549 actually decreased during this time, from 75% to 63%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and then increased, reaching 72% in 2019. This suggests that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 92549 have inversely mirrored homeownership trends, rising from 25% in 2013 to a peak of 38% in 2017, before decreasing to 25% in 2022. Average rent prices have shown a general upward trend, increasing from $1,150 in 2013 to $1,140 in 2022, with some fluctuations in between. The highest average rent was recorded in 2019 at $1,214. Interestingly, the period of highest renter percentage (2017) did not coincide with the highest average rent, suggesting that other factors such as housing availability and local economic conditions may influence renting patterns in this area.
In 2023 and 2024, zip code 92549 experienced a slight downturn in average home prices. The average home price in 2023 was $504,777, a 2.7% decrease from 2022. This trend continued into 2024, with the average home price further declining to $498,887. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the cooling of home prices in the area.
Looking ahead, predictive models suggest that average home prices in zip code 92549 may experience modest growth over the next five years, potentially reaching around $550,000 by 2029. Average rent prices are forecasted to continue their gradual upward trend, potentially approaching $1,300 per month in the same timeframe. These predictions are based on historical trends and current market conditions, assuming relatively stable economic factors.
In summary, zip code 92549 has demonstrated resilience in its housing market, with homeownership rates rebounding to 75% in 2022 despite significant increases in average home prices. The area has experienced complex interactions between homeownership rates, average home prices, and federal interest rates. Recent data shows a slight cooling in the housing market, likely influenced by rising interest rates. Moving forward, moderate growth in both home prices and rents is anticipated, reflecting the continued desirability of this mountain community.
