Renter percentages in zip code 92029 have correspondingly decreased from 30% in 2013 to 26% in 2022. During this period, average rent prices showed an overall upward trend, albeit with some fluctuations. The average rent increased from $1,704 in 2013 to $1,957 in 2022, representing a 15% increase. However, it's worth noting that rent prices peaked at $2,135 in 2019 before declining slightly in subsequent years. The population in the zip code has remained relatively stable, growing from 22,625 in 2013 to 22,945 in 2022, which may have contributed to the moderate increase in rent prices.

Looking at the most recent data, average home prices in zip code 92029 continued to rise in 2023 and 2024. The average home price reached $1,127,426 in 2023 and further increased to $1,210,049 in 2024, representing a 7.3% year-over-year growth. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since 2007.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 92029 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $1,500,000 by 2029. For rent prices, we expect a moderate upward trend, potentially reaching an average of $2,300 per month by 2029, assuming consistent economic growth and housing demand in the area.

In summary, zip code 92029 has demonstrated a strong trend towards increased homeownership and significantly appreciating home values over the past decade. Despite rising interest rates, the area has maintained a robust housing market with continued price growth. The rental market, while showing overall growth, has experienced more moderate increases compared to home prices. These trends suggest a dynamic and evolving housing market in this Escondido zip code, with homeownership becoming increasingly prevalent despite the substantial rise in home prices.