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Corona's Rising Home Values and Stable Ownership Rates: A Decade of Growth
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
Corona, California, is a vibrant city located in Riverside County, known for its diverse community and proximity to major metropolitan areas. With a population of 159,534 in 2022, Corona has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. The city has maintained a relatively stable homeownership rate while seeing substantial increases in both average home prices and average rent prices.
The homeownership rate in Corona has remained relatively steady, with slight fluctuations between 61% and 65% from 2013 to 2022. During this period, average home prices in the city have shown a strong upward trend. In 2013, the average home price was $334,675, which increased to $721,964 by 2022, representing a remarkable 115.7% increase over nine years. This trend suggests that despite rising home prices, Corona residents have maintained a consistent level of homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (between 0.09% and 0.4%), Corona's homeownership rate remained stable at around 64-65%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), there was a slight decrease in homeownership, dropping to 61% by 2019. However, when interest rates plummeted again in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates stabilized at 62%, demonstrating the influence of lower interest rates on maintaining homeownership levels.
Renter percentages in Corona have shown a slight increase over time, rising from 35% in 2014 to 38% in 2022. This trend has been accompanied by a significant increase in average rent prices. In 2013, the average rent was $1,330, which rose to $2,195 by 2022, marking a 65.0% increase. The growing renter population and rising rent prices may be attributed to the city's increasing population, which grew from 159,507 in 2013 to 169,854 in 2019 before experiencing a slight decline to 159,534 in 2022.
In 2023, the average home price in Corona reached $717,512, showing a slight decrease from the 2022 peak. However, the 2024 data indicates a rebound, with average home prices rising to $757,709. This represents a 5.6% increase from 2023 to 2024. Concurrently, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the city.
Looking ahead, based on historical trends and current market conditions, it is projected that average home prices in Corona will continue to rise over the next five years, albeit at a more moderate pace. A conservative estimate suggests an annual appreciation rate of 3-5%, potentially bringing the average home price to around $875,000-$925,000 by 2029. Average rent prices are also expected to increase, possibly reaching $2,600-$2,800 per month by 2029, assuming a similar growth rate to recent years.
In summary, Corona has demonstrated resilience in maintaining stable homeownership rates despite significant increases in average home prices. The city has experienced substantial growth in both home values and rent prices, reflecting its desirability and economic development. The interplay between federal interest rates, population changes, and housing market dynamics will continue to shape Corona's real estate landscape in the coming years, with moderate growth expected in both home prices and rent rates.
