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Zip Code 92703: Rising Home Values and Stable Ownership in Santa Ana's Resilient Housing 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 92703, located in Santa Ana, California, has experienced significant demographic and real estate changes over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 92703 has shown moderate fluctuations between 2013 and 2022. In 2013, the ownership percentage stood at 46%. It reached its peak at 49% in 2017, 2018, 2020, and 2021, before slightly declining to 47% in 2022. During this period, average home prices in the area have shown a substantial upward trend. In 2013, the average home price was $324,898, which steadily increased to $723,684 by 2022, representing a remarkable 123% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 46% to 47%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized around 49%, suggesting that lower interest rates may have encouraged home buying in the area.
Renter percentages in zip code 92703 have mirrored the homeownership trends, with slight fluctuations. In 2013, the renter percentage was 54%, which decreased to 51% by 2017 and 2018, before rising slightly to 53% in 2022. Average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,462, which increased to $1,657 by 2022, representing a 13.3% increase over nine years. It's worth noting that the population in this zip code decreased from 70,160 in 2013 to 59,851 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 92703 reached $731,958 in 2023 and further increased to $777,818 in 2024. This represents a significant 7.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 92703 to continue their upward trajectory, potentially reaching around $900,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,900 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 92703 has experienced significant growth in both average home prices and average rent prices over the past decade. While homeownership rates have remained relatively stable, the substantial increase in home values may present challenges for potential new homeowners. The recent sharp rise in interest rates could potentially slow down the rate of home price appreciation and impact homeownership rates in the coming years. The rental market has shown steady growth, reflecting the area's desirability and the overall California housing market trends.
