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Zip Code 92595: Rising Home Values and Stable Ownership in Wildomar, 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
Wildomar, located in zip code 92595 in California, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, while maintaining relatively stable average rent prices.
The ownership percentage in zip code 92595 has shown a slight increase over the years, from 73% in 2015 to 76% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $256,786, which steadily increased to $626,487 by 2022, representing a remarkable 144% increase over nine years. This trend suggests that despite rising prices, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 78% in 2013 to 75% in 2020. The accessibility of affordable financing options during this time likely contributed to the sustained high levels of homeownership in the area.
Renter percentages in zip code 92595 have remained relatively stable, with a slight decrease from 27% in 2015 to 24% in 2022. Average rent prices have shown moderate growth, increasing from $1,629 in 2013 to $1,718 in 2022, an overall increase of 5.5% over nine years. This modest growth in rent prices, compared to the significant increase in home prices, may have contributed to the stability in the renter population.
Looking at the most recent data, the average home price in zip code 92595 for 2023 was $617,628, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $639,631. Interestingly, federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this area appears to remain robust.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 92595 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $700,000 to $750,000 by 2029. For average rent prices, we expect a continued steady increase, potentially reaching around $1,900 to $2,000 per month in the next five years.
In summary, zip code 92595 in Wildomar has demonstrated a strong housing market with increasing homeownership rates and significant growth in average home prices. The area has maintained a stable renter population with modest increases in average rent prices. Despite recent rises in interest rates, the housing market remains active, with projections indicating continued growth in both home prices and rent rates over the next five years.
