Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 30,945, 11,177 total housing units (homes and apartments), and a median house value of $195,612, Banning real estate values are some of the lowest in California, although compared to real estate around the nation, Banning homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Banning, accounting for 75.79% of the city's housing units. Other types of housing that are prevalent in Banning include mobile homes or trailers ( 9.18%), large apartment complexes or high rise apartments ( 5.79%), and a few row houses and other attached homes ( 4.41%).
People in Banning primarily live in small (one, two or no bedroom) single-family detached homes. Banning has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Banning built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Banning built between 1940-1969 ( 27.47%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.38%). There's also some housing in Banning built before 1939 ( 5.05%).
Vacant housing appears to be an issue in Banning. Fully 10.47% of the housing stock is classified as vacant. Left unchecked, vacant Banning homes and apartments can be a drag on the real estate market, holding Banning real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Banning over the last then years, as home values have seen a decline of 25.79% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Banning home appreciation rates at 2.30%, which equates to an annual appreciation rate of 9.53%.
Appreciation rates are so strong in Banning that despite a nationwide downturn in the housing market, Banning real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Banning appreciation rates continue to be some of the highest in America, at 8.69%, which is higher than appreciation rates in 86.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Banning. Banning appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.53%.
Relative to California, our data show that Banning's latest annual appreciation rate is higher than 50% of the other cities and towns in California.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Banning differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Banning - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Banning real estate investment or home purchase decisions.
|$1,111,001 - $1,481,000||0.3|
|$741,001 - $1,111,000||2.5|
|$592,001 - $741,000||0.3|
|$444,001 - $592,000||4.7|
|$296,001 - $444,000||17.6|
|$148,001 - $296,000||39.3|
|$74,001 - $148,000||18.7|
|$0 - $74,000||15.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Banning HOMES|
|2000 or Newer||17.4|
|1970 - 1999||50.1|
|1940 - 1969||27.5|
|1939 or Older||5.1|
|TYPE OF Banning HOMES|
|Small Apt. Buildings||4.1|
|SIZE OF Banning HOMES|
|5 or more bedrooms||1.27|