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Zip Code 92394: Rising Home Values and Ownership Rates in Victorville, California
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 92394, situated in Victorville, California, has undergone significant transformations in homeownership rates, average home prices, and average rent prices over the last decade. This area has demonstrated resilience and growth, with its population increasing from 28,862 in 2010 to 36,906 in 2022, reflecting a substantial 27.9% growth over a 12-year period.
The homeownership rate in zip code 92394 has exhibited a notable upward trend, rising from 58% in 2013 to 63% in 2022. This 5 percentage point increase coincides with a significant rise in average home prices. In 2013, the average home price was $139,309, which grew dramatically to $417,785 by 2022, representing a 200% increase over nine years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates in zip code 92394. The accessibility of affordable financing options likely contributed to the growing number of homeowners in the area.
While homeownership increased, the percentage of renters in zip code 92394 decreased from 42% in 2013 to 37% in 2022. Despite this decline, average rent prices showed an overall upward trend. In 2013, the average rent was $1,312, which decreased to $1,280 in 2022, representing a modest 2.4% decrease over nine years. The slight dip in average rent prices, coupled with the decreasing percentage of renters, suggests a shift towards homeownership in the area, possibly driven by the long-term financial benefits of owning versus renting.
In 2023 and 2024, the housing market in zip code 92394 showed signs of stabilization. The average home price in 2023 was $410,559, slightly lower than the 2022 figure, but rebounded to $425,453 in 2024. This recent uptick occurred despite higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating resilience in the local housing market.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices for zip code 92394 over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $500,000 by 2029. Average rent prices are expected to rise at a more modest rate of 2-3% per year, potentially reaching $1,400-$1,450 by 2029.
In summary, zip code 92394 has demonstrated a clear trend towards increased homeownership, with rising average home prices and a growing population. The area has shown resilience in the face of changing interest rates and economic conditions. As the community continues to evolve, it is likely to see further growth in property values and a sustained preference for homeownership among residents.
