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San Bernardino's Zip Code 92410: Rising Home Values Amidst Shifting Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
San Bernardino's zip code 92410 is a dynamic urban area in California, experiencing significant fluctuations in homeownership rates and housing prices over the past decade. This analysis explores the intricate relationship between ownership trends, average home prices, and rental market dynamics in this diverse community.
The homeownership rate in zip code 92410 has shown notable variability, ranging from a low of 40% in 2016 and 2017 to a high of 46% in 2021 and 2022. Concurrently, average home prices have demonstrated a substantial upward trajectory. In 2010, the average home price was $88,489, which more than quadrupled to $396,289 by 2022. This remarkable increase represents a 347.8% growth in average home values over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 44%. As interest rates gradually increased to 1.83% by 2018, homeownership initially dropped to 40% in 2016 and 2017 but then rebounded to 42% in 2018. Interestingly, despite very low interest rates of 0.08% in 2021, homeownership reached its peak at 46%, suggesting that factors beyond interest rates, such as local economic conditions or housing policies, may have played a significant role in homeownership trends in this area.
Rental market trends in zip code 92410 have also shown notable changes. The percentage of renters increased from 56% in 2013 to a peak of 60% in 2016 and 2017, before declining to 54% in 2021 and 2022. Average rent prices have generally increased over this period, rising from $978 in 2013 to $1,153 in 2021, representing a 17.9% increase. However, there was a slight decrease to $1,052 in 2022, which could be attributed to various local economic factors or changes in the housing supply.
Looking at the most recent data, average home prices in zip code 92410 continued to rise, reaching $408,229 in 2023 and further increasing to $431,050 in 2024. This represents a 3% increase from 2022 to 2023 and a 5.6% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 92410 to continue their upward trajectory, potentially reaching around $550,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,300 per month by 2029, reflecting a slower growth rate compared to home prices.
In summary, zip code 92410 has experienced significant growth in average home prices, with homeownership rates fluctuating but showing resilience in recent years. The rental market has seen more modest increases in prices, with renter percentages generally declining from their mid-decade peak. The substantial rise in interest rates in recent years may influence future homeownership trends and affordability in this area. These trends reflect a dynamic and evolving housing market in this San Bernardino zip code, with potential implications for both homeowners and renters in the coming years.
