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Zip Code 92583: Rising Home Values and Shifting Ownership Patterns in San Jacinto, 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
San Jacinto, California, zip code 92583, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices and fluctuating homeownership rates, reflecting the dynamic nature of its real estate market. The homeownership rate in zip code 92583 has shown some variability between 2013 and 2022. In 2013, the homeownership rate was 68%, which gradually decreased to 61% by 2017. However, there was a slight recovery in recent years, with the rate reaching 66% in 2022. During this same period, average home prices in the area experienced substantial growth. In 2013, the average home price was $143,679, which steadily increased to $426,434 by 2022, representing a remarkable 197% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates declined from 68% to 62%. However, as interest rates began to rise from 2016 to 2018 (0.40% to 1.83%), homeownership rates stabilized around 61-62%. Interestingly, the most recent data shows that despite higher interest rates in 2022 (1.68%), homeownership rates increased to 66%, suggesting that other factors beyond interest rates may be influencing homeownership in this area.
Renter percentages and average rent prices in zip code 92583 have also shown notable trends. The percentage of renters increased from 32% in 2013 to 39% in 2017, before decreasing to 34% in 2022. Average rent prices have generally increased over this period, rising from $1,251 in 2013 to $1,313 in 2022, an overall increase of about 5%. However, it's worth noting that rent prices peaked at $1,395 in 2021 before slightly decreasing in 2022.
Looking at the most recent data, average home prices in zip code 92583 continued to rise in 2023, reaching $426,543, and further increased to $440,348 in 2024. This represents a 3.2% increase from 2023 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 92583 to continue their upward trajectory, potentially reaching around $500,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,500 per month within the next five years, assuming current economic conditions and population growth trends persist.
In summary, zip code 92583 has experienced substantial growth in average home prices, with a recent stabilization in homeownership rates. Despite fluctuations in federal interest rates, the area has maintained a relatively high rate of homeownership. The rental market has shown more volatility, with recent trends indicating a slight decrease in the proportion of renters. These patterns suggest a resilient and evolving real estate market in San Jacinto, with potential for continued growth in both home values and rental prices in the coming years.
