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 about Scout's Real Estate Data
With a population of 30,683, 11,069 total housing units (homes and apartments), and a median house value of $415,431, Banning real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Banning, accounting for 71.87% of the city's housing units. Other types of housing that are prevalent in Banning include mobile homes or trailers ( 12.64%), row houses and other attached homes ( 6.42%), and a few large apartment complexes or high rise apartments ( 6.21%).
Dwellings in Banning tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 54.77% of the homes in Banning have two or fewer bedrooms.
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 ( 24.52%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.29%). There's also some housing in Banning built before 1939 ( 5.67%).
In the last 10 years, Banning has experienced some of the highest home appreciation rates of any community in the nation. Banning real estate appreciated 151.87% over the last ten years, which is an average annual home appreciation rate of 9.68%, putting Banning in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Banning definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Banning appreciation rates have trailed the rest of the nation. In the last twelve months, Banning's appreciation rate has been 5.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Banning were at 2.37%, which equates to an annual appreciation rate of 9.83%.
Relative to California, our data show that Banning's latest annual appreciation rate is lower 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.
$415,431
for California
for nation
11,069
$2,385 / per month