Loading Content...
Zip Code 92154: San Diego's Rising Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 92154, located in San Diego, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a general trend of increasing homeownership and rising property values, with some fluctuations in the rental market. The ownership percentage in zip code 92154 has shown a gradual increase from 56% in 2016 to 61% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2016, the average home price was $406,257, which steadily climbed to $686,199 by 2022, representing a 68.9% increase over six years. This correlation suggests that despite rising home prices, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a role in homeownership trends in zip code 92154. From 2016 to 2019, as interest rates rose from 0.4% to 2.16%, homeownership rates remained relatively stable, hovering around 57-58%. However, when interest rates dropped significantly to 0.38% in 2020 and 0.08% in 2021, homeownership rates increased to 60%, indicating that lower interest rates likely contributed to more affordable financing options for potential homebuyers.
The renter percentage in zip code 92154 has shown a corresponding decrease from 43% in 2016 to 39% in 2022. Despite this decline in the proportion of renters, average rent prices have continued to rise. In 2016, the average rent was $1,610, which increased to $1,851 by 2022, a 15% increase over six years. This trend suggests that while fewer residents are renting, those who do rent are facing higher costs. The population in the zip code has fluctuated, peaking at 87,373 in 2020 before declining to 83,386 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, average home prices in zip code 92154 continued their upward trajectory, reaching $701,633 in 2023 and $755,080 in 2024. This represents a 10% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for zip code 92154: Average home prices are likely to continue rising, potentially reaching around $900,000 to $950,000 by 2029, assuming a steady growth rate similar to recent years. Average rent prices may increase to approximately $2,100 to $2,200 per month by 2029, following the current upward trend.
In summary, zip code 92154 has demonstrated a clear trend of increasing homeownership rates and rising property values over the past decade. Despite higher home prices, more residents have become homeowners, possibly due to periods of low interest rates. The rental market has seen a decrease in the proportion of renters, but with rising average rent prices. The area's real estate market appears to be robust, with continued growth expected in both home values and rental costs in the coming years.
