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Zip Code 92021: Rising Home Values and Stable Ownership in Harbison Canyon
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 92021, located in Harbison Canyon, California, presents an intriguing landscape of real estate trends over the past decade. This area has experienced significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of the local housing market.
The ownership percentage in zip code 92021 has shown a slight upward trend in recent years, increasing from 49% in 2016 to 53% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $433,355 in 2016 to $712,148 in 2022, representing a 64.3% increase over six years. This trend suggests that despite rising home values, more residents are finding ways to enter the housing market as owners.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which likely contributed to the stability in homeownership rates during this time. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the area still managed to maintain and even slightly increase its homeownership rate, indicating a robust local housing market.
The renter population in zip code 92021 has remained relatively stable, with a slight decrease from 50% in 2016 to 47% in 2022. During this period, average rent prices have shown a steady increase, rising from $1,477 in 2016 to $1,686 in 2022, a 14.2% increase. This increase in rent prices, while significant, has been less dramatic than the rise in home prices, potentially explaining the stability in the renter population despite the overall trend towards homeownership.
In 2023 and 2024, the housing market in zip code 92021 continued its upward trajectory. The average home price reached $716,836 in 2023 and further increased to $767,802 in 2024, representing a 7.1% year-over-year growth. This rise occurred despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, highlighting the strong demand for housing in this area even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 92021 could potentially reach the $900,000 mark by 2029. Average rent prices are also expected to rise, potentially surpassing $2,000 per month within the same timeframe.
In summary, zip code 92021 has demonstrated a resilient and growing housing market over the past decade. The area has seen a slight increase in homeownership rates despite rapidly rising home prices, while maintaining a stable renter population amidst moderate rent increases. The continued rise in both home prices and rent prices, even in the face of higher interest rates, suggests a strong local economy and high demand for housing in this California community.
