Banning, CA—92220
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Banning, CA
As of Oct '25, the median home price in Banning, CA is $409,000, with a year-over-year change of -2.2%. This indicates that home prices in Banning, CA are decreasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $409,000 | -2.2% |
| Single Family | $415,000 | -2.4% |
| Condos | $293,000 | -3.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $222,000 | 0.9% |
2 Bed | $366,000 | -3.2% |
3 Bed | $420,000 | -1.9% |
4 Bed | $500,000 | -2.0% |
| 5 Bed | $586,000 | -2.0% |
% of Housing Stock
Rental Trends — Banning, CA
As of July '25, Rentcast reports the average rent in Banning, CA is $2,130, with a year-over-year rent change of -9.0%. Per bedroom, the median rent as of July '25 in Banning, CA is studios: $800, 1-bedrooms: $1,460, 2-bedrooms: $2,030, 3-bedrooms: $2,450, 4-bedrooms: $3,100. The most common rental property sizes in Banning, CA are 2-bedroom and 3-bedroom, accounting for 43.2% and 27.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,130 |
| Studio Rent | $800 | $800 |
| 1 Bed Rent | $1,500 | $1,460 |
| 2 Bed Rent | $1,900 | $2,030 |
| 3 Bed Rent | $2,400 | $2,450 |
| 4 Bed Rent | $3,200 | $3,100 |
% of Rental Stock
Property Listings — Banning, CA
As of Oct '25, Realtor.com reports that the median days on market for a home in Banning, CA is 68. This is a increase of 39.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $428,000 | -5.0% |
Listing Count | 217 | 34.0% |
| Listings as % of Homes | 1.1% | 34.0% |
Days on Market | 68 | 39.0% |
Demographics — Banning, CA
As of the latest ACS Survey released in 2023, Banning, CA has a population of 33,400, which has increased by 1.3% over the past 5 years. Banning, CA is a moderately popular place for families, as children make up 21.9% of the population. The area has a poorly educated workforce, with 16.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 33,400 | 1.3% |
% Under 18 | 21.9% | -4.8% |
% Seniors | 27.4% | 5.4% |
% WFH | 6.2% | 87.9% |
% w/ College Degree | 16.8% | 8.4% |
As of the latest ACS Survey released in 2023, Banning, CA is a predominantly hispanic area, with 48.4% of the population identifying as hispanic. The hispanic population has grown by 6.4% in the last 5 years. The second most common race or ethnicity in Banning, CA is white, making up 34.8% of the population. Foreign-born residents account for 17.2% of the population in Banning, CA, and this percentage has decreased by 1.1% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 34.8% | -4.4% |
% Black | 6.3% | -25.0% |
% Hispanic | 48.4% | 6.4% |
% Asian | 5.1% | 4.1% |
% Foreign Born | 17.2% | -1.1% |
Mortgage and Risk — Banning, CA
According to HUD data as of 2023, there were 761 mortgage originations in Banning, CA, of which 57.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 43.0% above 90% LTV (very high). This implies large mortgage risk in Banning, CA. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 761 |
% Conventional Loans | 57.0% |
% Government Loans | 43.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Banning, CA
As of 2024, the percent of homes in Banning, CA under the Section 8 program is 5.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Banning, CA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 192 |
Total Units Section 8 | 191 |
% Rentals under Section 8 | 5.9% |
% Occupied Section 8 | 87.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $50 | $1,500 | $1,550 |
| 2 Bedroom | $30 | $1,900 | $1,930 |
| 3 Bedroom | $180 | $2,400 | $2,580 |
| 4 Bedroom | -$70 | $3,200 | $3,130 |
Affordability — Banning, CA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.9 |
| Median Home Price | $409,000 |
| Median Household Income | $59,100 |