Renter percentages in zip code 92401 have shown a slight decline, from 86% in 2013 to 78% in 2022. Despite this decrease, the area remains predominantly renter-occupied. Average rent prices have increased from $769 in 2013 to $892 in 2022, a 16% rise over nine years. Interestingly, the population in this zip code has fluctuated, peaking at 1,731 in 2016 and dropping to 1,413 in 2022. This population decline may have contributed to the moderation of rent price increases compared to the more dramatic rise in home prices.

In 2023 and 2024, the housing market in zip code 92401 continued its upward trajectory. Average home prices reached $342,179 in 2023 and further increased to $361,820 in 2024, representing a 5.4% and 5.7% year-over-year increase, respectively. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.

Looking ahead, predictive models suggest that average home prices in zip code 92401 will continue to rise over the next five years, albeit at a more moderate pace. By 2029, average home prices could reach approximately $450,000, representing a 24% increase from 2024 levels. Average rent prices are also expected to increase, potentially reaching around $1,100 per month by 2029, a 23% rise from 2022 levels.

In summary, zip code 92401 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a particularly sharp rise in recent years. While the area remains predominantly renter-occupied, the trend towards increased homeownership is notable. The continuation of rising home prices, even in the face of higher interest rates, suggests a robust demand for housing in this San Bernardino neighborhood.