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Rising Home Values and Ownership Trends in Zip Code 92395: Victorville's Resilient Real Estate 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 92395, located in Victorville, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience and growth, with a population increase from 40,256 in 2010 to 48,451 in 2022, reflecting a thriving community within its 18.02 square miles.
The ownership percentage in zip code 92395 has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 51%, but it dipped to 47% in 2015 and 2016. However, since then, there has been a steady increase, reaching 55% by 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $134,552, and it has risen dramatically to $397,060 by 2022, representing a 195% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates initially decreased. However, as interest rates began to rise moderately from 2017 (1%) to 2019 (2.16%), homeownership rates also started to climb. This suggests that other factors, such as local economic conditions and housing market dynamics, may have had a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 92395 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The percentage of renters peaked at 53% in 2015 and 2016 but has since declined to 45% in 2022. Interestingly, average rent prices have not shown a consistent correlation with renter percentages. The average rent increased from $1,302 in 2013 to $1,359 in 2019, but then experienced fluctuations, dropping to $1,269 in 2020 before rising again to $1,284 in 2022. These variations may be attributed to broader economic factors and changes in housing supply and demand within the area.
In 2023 and 2024, the housing market in zip code 92395 has shown interesting developments. The average home price slightly decreased to $393,071 in 2023 but is projected to rise to $410,366 in 2024. This represents a modest 4.4% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 92395. Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach approximately $475,000 to $500,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and increase gradually, potentially reaching around $1,500 to $1,600 per month in the next five years.
In summary, zip code 92395 has demonstrated a strong trend towards increased homeownership, with rates rising from 47% to 55% between 2015 and 2022. This trend has been accompanied by a substantial increase in average home prices, nearly tripling from 2013 to 2022. While renter percentages have decreased, average rent prices have shown more variability. The recent rise in interest rates and the projected increase in home prices for 2024 suggest a potentially changing landscape for both homeowners and renters in this area, with continued growth but at a potentially more moderate pace.
