Corona Hills, a neighborhood in Corona, California, has experienced significant changes in its real estate market over the past decade. The area has seen a notable increase in homeownership rates, rising from 61% in 2015 to 67% in 2022. This increase has occurred alongside a substantial rise in average home prices, which grew from $390,480 in 2015 to $684,664 in 2022, representing a 75.3% increase over seven years. Despite the rising prices, more residents have been able to enter the housing market, possibly due to favorable economic conditions or changing preferences for homeownership.

The relationship between federal interest rates and homeownership rates in Corona Hills presents an interesting dynamic. From 2015 to 2020, when interest rates were relatively low (ranging from 0.13% to 2.16%), homeownership rates remained fairly stable, fluctuating between 61% and 66%. However, as interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), homeownership rates actually increased to 67%, contradicting the typical expectation that higher interest rates would discourage homeownership. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in driving homeownership in Corona Hills during this period.

Renter percentages in Corona Hills have shown an inverse relationship to homeownership rates, decreasing from 38% in 2015 to 33% in 2022. Interestingly, average rent prices have continued to rise despite this decline in the renter population. The average rent increased from $1,830 in 2015 to $2,134 in 2022, a 16.6% increase. This trend indicates a tightening rental market, possibly due to limited rental inventory or increased demand for higher-quality rental properties.