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 31,026, 10,955 total housing units (homes and apartments), and a median house value of $224,106, 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 74.43% of the city's housing units. Other types of housing that are prevalent in Banning include mobile homes or trailers ( 8.74%), large apartment complexes or high rise apartments ( 6.47%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.35%).
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 ( 28.99%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.02%). There's also some housing in Banning built before 1939 ( 5.08%).
Banning's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Banning during the period has been just -1.02%, which is lower than 80% of US communities.
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 15.70%, which is higher than appreciation rates in 98.66% 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 3.11%, which equates to an annual appreciation rate of 13.01%.
Importantly, NeighborhoodScout’s exclusive research found that Banning's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to California, our data show that Banning's latest annual appreciation rate is higher than 90% 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.
|$1,109,001 - $1,479,000||0.3|
|$739,001 - $1,109,000||2.8|
|$592,001 - $739,000||0.6|
|$443,001 - $592,000||5.7|
|$296,001 - $443,000||21.9|
|$147,001 - $296,000||37.5|
|$74,001 - $147,000||16.1|
|$0 - $74,000||13.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q3 - 2017 Q4
Last 12 Months:
2016 Q4 - 2017 Q4
Last 2 Years:
2015 Q4 - 2017 Q4
Last 5 Years:
2012 Q4 - 2017 Q4
Last 10 Years:
2007 Q4 - 2017 Q4
2000 Q1 - 2017 Q4
|* 10 is highest|
|AGE OF Banning HOMES|
|2000 or Newer||18.0|
|1970 - 1999||47.9|
|1940 - 1969||29.0|
|1939 or Older||5.1|
|TYPE OF Banning HOMES|
|Small Apt. Buildings||5.3|
|SIZE OF Banning HOMES|
|5 or more bedrooms||1.23|