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Zip Code 92139: San Diego's Resilient Housing Market with Average Home Values Surpassing $700,000
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 92139, located in San Diego, California, has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices in this area. The homeownership rate in zip code 92139 has shown slight fluctuations over the years, with a general trend towards stability. In 2013, the area had a 59% homeownership rate, which increased to 60% in 2015 and remained steady until 2018. However, there was a slight decline to 58% in 2019 and 2020, before returning to 60% in 2022. Concurrently, average home prices in the area have shown a substantial upward trend. In 2013, the average home price was $269,537, which steadily increased to $458,227 by 2019, representing a 70% increase over six years. This trend continued, with average home prices reaching $670,938 in 2022, a further 46% increase from 2019.
The relationship between federal interest rates and homeownership rates in zip code 92139 appears to follow established trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.4%), homeownership rates remained stable at around 59-60%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 58% in 2019 and 2020. However, the dramatic drop in interest rates to 0.08% in 2021 didn't immediately correspond with an increase in homeownership, possibly due to other economic factors at play.
Renter percentages in zip code 92139 have shown a slight upward trend, increasing from 41% in 2013 to 43% in 2021, before decreasing to 40% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $1,703, which decreased slightly to $1,631 in 2016 before rising again to $1,897 in 2021, representing an overall increase of 11.4% from 2013 to 2021. The population in the area has remained relatively stable, with only minor fluctuations, suggesting that changes in rent prices are more likely due to market forces rather than significant population shifts.
Looking at the most recent data, average home prices in zip code 92139 continued to rise in 2023 and 2024, reaching $684,281 and $738,453 respectively. This represents a 10% increase from 2022 to 2024. Interestingly, this rise occurred despite federal interest rates increasing significantly to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow home price growth.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 92139 to continue their upward trajectory, albeit potentially at a slower rate due to the higher interest rate environment. Average home prices could potentially reach around $850,000 to $900,000 by 2029. Average rent prices are also likely to continue increasing, potentially reaching $2,200 to $2,400 per month by 2029, assuming current economic conditions and housing demand persist.
In summary, zip code 92139 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The area has maintained a relatively stable balance between owners and renters, with a slight trend towards increased renting in recent years. The continued rise in both average home prices and rent prices, even in the face of higher interest rates, suggests strong ongoing demand for housing in this San Diego neighborhood.
