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Zip Code 92404: San Bernardino's Evolving Housing Market with Soaring Home Values
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 92404, located in San Bernardino, California, has experienced significant changes in its housing market over the past decade. This area, covering 22.16 square miles, has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, the homeownership rate in zip code 92404 showed a slight overall decline. In 2013, 47% of housing units were owner-occupied, but this percentage decreased to 46% by 2022. During this same period, average home prices in the area increased substantially. In 2013, the average home price was $143,648, and by 2022, it had risen to $441,127, representing a remarkable 207% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is notable. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates declined from 47% to 44%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized and even slightly increased, reaching 46% by 2022 when the interest rate was 1.68%. This trend suggests that factors other than interest rates, such as local economic conditions and housing supply, may have played a more significant role in homeownership decisions in this area.
Renter occupancy in zip code 92404 showed an inverse relationship to homeownership trends. The percentage of renter-occupied units increased from 52% in 2013 to 54% in 2022. Concurrently, average rent prices also rose, though not as dramatically as home prices. In 2013, the average rent was $1,180, and by 2022 it had increased to $1,287, a 9% rise. The population in the zip code grew from 63,927 in 2013 to 65,746 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, in 2023, the average home price in zip code 92404 reached $451,427, with the federal interest rate at 5.02%. In 2024, the average home price further increased to $477,884, while the interest rate rose to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, which could impact affordability and homeownership rates in the near future.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 92404 to continue rising, potentially reaching around $550,000 by 2029. Average rent prices are also likely to increase, possibly to about $1,500 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, zip code 92404 has experienced a significant increase in average home prices over the past decade, with a more modest rise in average rent prices. Homeownership rates have remained relatively stable in recent years, despite fluctuations in interest rates. The area's growing population and the substantial appreciation in home values suggest a robust housing market, although affordability may become an increasing concern for potential homebuyers in the coming years.
