92706, Santa Ana, CA

The Santa Ana zip code of 92706 has a population of over 213,000 people and a median home value of $439,000. The average home equity in this zip code is $146,500. This means that the typical homeowner in this zip code has over 50% equity in their home.

Home prices have been on the rise in Santa Ana for the past few years. In January of 2018, the median home value was up 5.5% from January 2017. This is consistent with trends seen throughout Orange County as a whole where homes have been selling faster and for more money than ever before.

One reason for this increased demand and price growth may be due to the low interest rates currently available on mortgages. According to Zillow, the average interest rate on a 30-year fixed-rate mortgage in Santa Ana is 3%. Compare that to the national average of 4.1%. That means that homeowners are able to borrow more money to buy a home than ever before, which could be fueling some of the recent increases in home values here in Santa Ana.

Another factor contributing to increased demand and prices for homes in Santa Ana may be related to local job growth rates and economic conditions overall. According to data from Realtor® Association of Orange County (RAC), since 2016 there has been an increase of over 10% in jobs within commuting distance of Santa Ana homes – meaning that more people are looking to live here and purchase homes). Additionally, RAC reports that Orange County’s economy has continued expanding at a strong pace through most of 2018 – meaning that there are likely even more people looking to buy or invest in homes here now than there were earlier this year.