92562, Murrieta, CA

The Murrieta zip code, 92562, has a population of over 158,000 and is located in Southern California. The median home value in the zip code is $225,000 and the median home equity is $141,500. The average household income in the zip code is $60,000.

Home prices have been on the rise in Murrieta for several years now. In March of 2016, the median home value was up 8% from March of 2015 and up 16% from March of 2014. The average monthly payment on a mortgage in Murrieta is currently $1,711 which means that homeowners are able to afford homes that are more expensive than they were a few years ago.

One reason that home prices have been increasing so much in Murrieta is because there are very few homes available for sale. In fact, according to Zillow’s Home Value Index (HVI), only 2% of homes for sale in Murrieta are affordable for people who make less than 80% of the area’s median income. This shortage has led to bidding wars and higher prices for homes that do come up for sale.

Another reason why home prices have been increasing so much in Murrieta is because there has been an increase in demand for housing stock due to rising incomes and an influx of new residents into the area. According to Zillow’s HHI index (a measure of how tight or loose housing supply is relative to demand), Murrieta has had a “relatively tight” housing market since 2013 which means that there hasn’t been an excessive amount of inventory available to buy or rent compared to other areas throughout California.