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Zip Code 92398: Home Values and Ownership Trends in Rural Yermo, 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 92398, located in Yermo, California, is a small community with a population of 74 as of 2022. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 92398 has shown a notable decline followed by a recent recovery. In 2013, the area boasted a high homeownership rate of 74%, which steadily decreased to 55% by 2017. However, since then, there has been a gradual increase, reaching 64% in 2022. This trend correlates interestingly with average home prices, which have seen substantial growth. In 2013, the average home price was $61,261, and it rose dramatically to $211,236 by 2022, representing a 245% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates initially declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to recover. This suggests that other local factors may have influenced homeownership more significantly than interest rates in this particular area.
Renter percentages and average rent prices in zip code 92398 have shown volatility over the years. The percentage of renters increased from 21% in 2013 to a peak of 45% in 2017, before declining to 36% in 2022. Average rent prices fluctuated considerably, starting at $1,007 in 2013, reaching a high of $1,125 in 2017, and then decreasing to $633 in 2022. These fluctuations may be attributed to the small population size, where individual household changes can significantly impact overall percentages.
In 2023 and 2024, the housing market in zip code 92398 experienced a notable shift. The average home price decreased from $211,236 in 2022 to $176,284 in 2023, a 16.5% drop. However, there was a slight recovery in 2024, with the average home price rising to $177,545. This period coincided with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates likely contributed to the cooling of the housing market in the area.
Looking ahead, based on the historical data and recent trends, we can forecast potential 5-year trends for average home and rent prices in zip code 92398. For home prices, after the recent dip, we might expect a period of modest growth, potentially reaching around $200,000 by 2029. Rent prices, which have been volatile, may stabilize and gradually increase, possibly reaching an average of $800-$900 per month in the next five years. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 92398 has experienced significant fluctuations in homeownership rates and housing prices. The area saw a substantial increase in average home prices from 2013 to 2022, followed by a correction in 2023-2024. Homeownership rates have recently rebounded after a period of decline. The rental market has shown volatility, reflecting the area's small population. Moving forward, modest growth in both home prices and rent is anticipated, but the market remains sensitive to broader economic conditions and local factors.
