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Zip Code 92553: Rising Home Values and Ownership Trends in Moreno Valley's Resilient Real Estate Market
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 92553, located in Moreno Valley, California, has experienced dynamic shifts in homeownership rates and property values over the past decade. This area has seen a gradual increase in homeownership, coupled with significant growth in average home prices and average rent values.
The homeownership rate in zip code 92553 has shown a steady upward trend, especially in recent years. In 2013, the homeownership rate was 49%, which remained relatively stable until 2020. However, from 2020 to 2022, there was a notable increase, with the homeownership rate rising to 51% by 2022. This upward trend coincided with a substantial rise in average home prices. In 2013, the average home price was $160,732, which more than doubled to $335,475 by 2020. The most dramatic increase occurred between 2020 and 2022, with average home prices surging to $476,855, representing a 42% increase in just two years.
The relationship between federal interest rates and homeownership rates in this zip code follows a well-established trend. From 2013 to 2020, when interest rates were historically low, hovering between 0.09% and 0.38%, the homeownership rate remained relatively stable around 49%. However, as interest rates began to rise in 2022 to 1.68%, we saw a counterintuitive increase in homeownership to 51%. This could be attributed to other local factors or a rush to purchase before rates increased further.
Renter percentages in zip code 92553 have shown a slight decline, inversely mirroring the homeownership trend. In 2013, renters occupied 51% of housing units, which increased slightly to 52% in 2019 before declining to 49% by 2022. Average rent prices, however, have steadily increased over this period. In 2013, the average rent was $1,385, which rose to $1,471 by 2019, representing a 6.2% increase. The most significant jump occurred between 2020 and 2021, with average rent increasing from $1,543 to $1,650, a 6.9% rise in just one year. By 2022, the average rent slightly decreased to $1,554, possibly due to increased homeownership in the area.
Looking at the most recent data, in 2023, the average home price in zip code 92553 reached $483,295, showing a 1.4% increase from 2022. This trend continued into 2024, with average home prices rising to $508,568, marking a 5.2% increase from 2023. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and further to 5.33% in 2024, reaching levels not seen since 2007.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and average rent in zip code 92553. Based on historical patterns and current economic indicators, average home prices could potentially reach $600,000 by 2029, representing an approximate 18% increase from 2024 levels. Average rent prices are predicted to follow a similar upward trajectory, potentially reaching $1,800 per month by 2029, an increase of about 16% from 2022 levels.
In summary, zip code 92553 has demonstrated resilience and growth in its real estate market. The area has seen a gradual increase in homeownership rates, substantial appreciation in average home values, and steady growth in average rent prices. Despite rising interest rates, the local market has continued to show strength, with both home prices and homeownership rates increasing. These trends suggest a robust and desirable real estate market in this Moreno Valley zip code, with potential for continued growth in the coming years.
