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Zip Code 92113: Rising Home Values and Declining Ownership in San Diego's Urban Core
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 92113, located in San Diego, California, showcases a dynamic real estate landscape characterized by shifting homeownership rates and fluctuating property values. This area has experienced significant changes in its housing market over the past decade, with notable trends in both ownership percentages and average home prices.
The homeownership rate in zip code 92113 has shown a gradual decline from 2013 to 2022. In 2013, 29% of residents owned their homes, but by 2022, this figure had decreased to 27%. This downward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price in the area was $211,472. By 2022, this figure had surged to $590,197, representing a remarkable 179% increase over nine years.
The relationship between federal interest rates and homeownership rates in zip code 92113 is notable. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 29-30%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 27%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 92113 have shown an inverse relationship to homeownership rates, increasing from 71% in 2013 to 73% in 2022. This rise in renter occupancy has been accompanied by a steady increase in average rent prices. In 2013, the average rent was $1,075, which grew to $1,269 by 2022, marking an 18% increase. It's worth noting that the population in this zip code has remained relatively stable during this period, fluctuating between 50,000 and 52,000 residents, suggesting that the increase in rent prices is not primarily driven by population growth.
Looking at the most recent data, the average home price in zip code 92113 reached $605,489 in 2023 and further increased to $643,956 in 2024. This represents a 6.4% year-over-year 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 homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home and rent prices for zip code 92113. Based on historical data and current market conditions, average home prices could potentially reach $750,000 to $800,000 by 2029. Similarly, average rent prices may increase to around $1,500 to $1,600 per month over the same period.
In summary, zip code 92113 has experienced a notable decline in homeownership rates coupled with substantial increases in average home prices over the past decade. The area has seen a shift towards a higher percentage of renters, accompanied by moderate growth in average rent prices. Recent data shows continued appreciation in home values, while rising interest rates may influence future homeownership trends. These patterns suggest a changing landscape in this San Diego neighborhood, with potential implications for housing affordability and demographic composition in the coming years.
