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Zip Code 92339: Rising Home Values and Stable Ownership in Oak Glen's Rural Charm
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 92339, located in Oak Glen, California, presents an intriguing case study of homeownership and housing market trends. This area has experienced fluctuating ownership rates and significant changes in average home and rent prices over the past decade. The overall trend shows a slight increase in homeownership, with concurrent rises in both average home prices and average rent.
The ownership percentage in zip code 92339 has shown a general upward trend, albeit with some fluctuations. In 2013, the homeownership rate was 65%, which increased to 72% by 2017, marking the highest point in the observed period. However, there was a slight decline to 66% by 2022. This trend in homeownership appears to correlate with the average home prices in the area. In 2013, the average home price was $139,330, which steadily increased to $354,802 by 2022, representing a substantial 154% increase over this period. The most significant annual jump occurred between 2020 and 2021, with average home prices rising from $271,276 to $316,133, a 16.5% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 92339. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in the area increased from 65% to 67%, likely influenced by the favorable borrowing conditions. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, the homeownership rate showed some volatility but generally remained above 65%.
The renter percentage in zip code 92339 has inversely mirrored the homeownership trend, decreasing from 35% in 2013 to 34% in 2022. Interestingly, average rent prices have shown a general upward trend despite this decrease in the renter population. The average rent increased from $1,229 in 2013 to $1,415 in 2022, a 15% rise. The highest average rent was observed in 2021 at $1,506, coinciding with a period of increased population in the area, which reached 826 residents in 2020 before declining to 701 in 2022.
Looking at the most recent data, the average home price in zip code 92339 for 2023 was $358,076, showing a modest increase from 2022. In 2024, the average home price further rose to $370,203, indicating continued growth in the local real estate market. Notably, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 92339 will continue to rise, albeit at a more moderate pace due to the higher interest rate environment. We project average home prices could reach approximately $425,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,650 by 2029, driven by ongoing demand and inflation factors.
In summary, zip code 92339 has demonstrated resilience in its housing market, with a general trend towards increased homeownership and rising property values. The area has weathered significant economic changes, including fluctuations in interest rates and population. The interplay between homeownership rates, average home prices, and rent costs reflects a dynamic local real estate market that continues to evolve in response to broader economic conditions and local demographic shifts.
