92591, Temecula, CA

The Temecula zip code of 92591 has a population of around 112,000 people and an average home value of $269,000. The median home value in the Temecula zip code is $247,500 which is lower than the California statewide median home value of $478,500. The percentage of homes in the Temecula zip code that are worth more than $1 million is lower than the statewide percentage of homes that are worth more than $1 million at just over 2%.

The average mortgage rate in the Temecula zip code is 4.5%, which is higher than the statewide average mortgage rate of 4.3%. The percentage of homeowners who have a mortgage in the Temecula zip code is lower than the statewide percentage of homeowners who have a mortgage at just over 66%.

There are a number of factors that could contribute to why homes in the Temecula zip code are less expensive on average compared to other parts of California. One potential explanation could be that there are fewer expensive homes available for sale in this area due to stricter lending criteria imposed by banks since 2007. Additionally, many people who live in this area may be wealthy enough to afford a higher priced home even if it means paying slightly more in monthly payments.

Despite these factors, there are still some very expensive homes available for purchase within the boundaries of this zip code. For example, one property located within this zipcode was recently listed for sale and had an asking price exceeding $2 million!