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Zip Code 92115: Rising Home Values and Ownership Trends Near San Diego State University
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
San Diego's 92115 zip code, located in the heart of the city, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a trend of increasing property values and a shift towards more renter-occupied housing units.
The homeownership rate in zip code 92115 has fluctuated over the years, with a general downward trend from 2013 to 2019, followed by a recent uptick. In 2013, 36% of housing units were owner-occupied, which decreased to 33% by 2018. However, from 2020 to 2022, there was a notable increase in homeownership, reaching 39% in 2022. This recent increase in homeownership coincides with a substantial rise in average home prices. The average home price in 92115 rose from $318,102 in 2010 to $795,721 in 2022, representing a 150% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of extremely low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with a slight decrease in homeownership. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates also started to increase. This suggests that other local factors, such as housing supply and demand, may have had a stronger influence on homeownership trends in this area than national interest rates.
Renter occupancy in zip code 92115 showed an inverse relationship to homeownership rates. The percentage of renter-occupied units increased from 64% in 2013 to a peak of 67% in 2017 and 2018, before declining to 61% in 2022. Interestingly, average rent prices have generally increased during this period, rising from $1,417 in 2013 to $1,558 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $1,668. The population in the zip code also grew from 56,944 in 2010 to 61,176 in 2022, which likely contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023 and 2024, the average home prices in zip code 92115 continued to rise, reaching $798,542 in 2023 and $856,570 in 2024. This represents a 7.3% increase from 2022 to 2024. Simultaneously, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values in the area.
Looking ahead, based on the historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 92115. If the current trajectory continues, average home prices could potentially reach around $1,000,000 by 2029, representing a 16.7% increase from 2024 levels. Average rent prices may continue to rise as well, potentially reaching approximately $1,800 per month by 2029, an increase of about 15.5% from 2022 levels.
In summary, San Diego's 92115 zip code has experienced significant growth in property values over the past decade, with average home prices more than doubling since 2010. While homeownership rates initially declined, there has been a recent uptick, reaching 39% in 2022. Renter occupancy remains the dominant housing arrangement in the area, although it has slightly decreased in recent years. The area has shown resilience in terms of property values and rental rates, even in the face of changing interest rates and economic conditions.
