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Serano's Rising Home Values: A Decade of Growth in Moreno Valley
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Serano, a neighborhood in Moreno Valley, California, has experienced significant changes in homeownership rates and property values over the past decade. This community has seen a general trend of increasing average home prices and fluctuating rental rates, reflecting the dynamic nature of its real estate market.
The homeownership rate in Serano has remained relatively stable, with a slight increase from 60% in 2013 to 62% in 2022. During this period, average home prices saw substantial growth, rising from $148,944 in 2013 to $457,745 in 2022, representing a 207% increase. This trend suggests a strong correlation between rising property values and sustained homeownership rates, despite the significant appreciation in home prices.
Federal interest rates have played a crucial role in shaping homeownership trends in Serano. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased slightly from 60% to 62%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable at 62-63%, demonstrating the neighborhood's resilience to moderate interest rate increases.
Renter percentages in Serano have mirrored the homeownership trends, decreasing slightly from 40% in 2013 to 38% in 2022. Interestingly, average rent prices have shown more volatility than homeownership rates. In 2013, the average rent was $1,493, which decreased to $1,391 by 2017. However, rent prices then began to climb, reaching $1,525 in 2022. This fluctuation in rent prices, coupled with the steady increase in property values, suggests that while homeownership became more expensive, renting remained a viable option for many residents.
Looking at the most recent data, average home prices in Serano continued to rise, reaching $461,526 in 2023 and $483,908 in 2024. This represents a 5.7% increase from 2022 to 2024, indicating a continued upward trend in property values. Notably, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Serano will continue to appreciate, potentially reaching around $550,000 to $600,000 by 2029. This projection is based on the historical growth rate and current market conditions. Average rent prices are also expected to increase, potentially reaching $1,800 to $2,000 per month by 2029, reflecting the overall trend of rising housing costs in the area.
In summary, Serano has demonstrated a robust real estate market characterized by steadily increasing home values and relatively stable homeownership rates. The neighborhood has shown resilience to moderate interest rate fluctuations, maintaining a consistent balance between owners and renters. As property values continue to rise, it will be crucial to monitor how this impacts affordability and the long-term composition of the community's housing market.
