When people say Palm Springs, that’s very often what they’re talking about. Pity is, the greater Palm Springs area includes some property investment opportunities even more attractive than Palm Springs itself. Rancho Mirage is one such location. With a strong tourist economy and plenty of year round activities, it’s one of the toughest rental markets in the country. It’s still something of a bargain for homebuyers, especially when compared to other parts of California and even to Palm Springs.
Rancho Mirage is couched comfortably between Palm Springs to the West and Palm Desert to the East. Many people visit the Palm Springs area without ever realizing they’ve driven through Rancho Mirage. It’s one of the quietest and most comfortable of all the communities in the Coachella Valley. But that’s not all…
The past 10 years have seen some of the highest home appreciation rates in the country, in Rancho Mirage, and on the whole the city increased in value by almost 80% over that same period. On average individual homes appreciated just over 6% which is outstanding. Rancho Mirage was so strong that properties continued to appreciate even at the depth of the most recent market correction. Of course, averages aren’t everything and they don’t represent every property but we’ll be happy to go neighborhood by neighborhood or street by street if you’re interested in learning more.
Just about 18,000 people call Rancho Mirage home. 90% of them are managers and professionals and a fair number of them maintain Rancho Mirage homes as second homes. Rancho Mirage is also home to a high number of retirees, including a significant population of Canadians and, and as such, relatively few children call the city home. A full 40% of year round residents have college degrees and only about 24.14% of homes are tenant occupied rental units. That’s pretty low for California, and a good many second homes stand vacant for part of each year.
Those who can find rental housing are very pleased to do so and while rowhouses and attached homes are very prominent, they are interrupted at times by a few high rises and larger complexes. Some 60% of the city is made up of freestanding homes.
Average annual incomes of almost $250,000 for families of four mean that Rancho Mirage is a fairly wealth community. Still, many younger and newly arrived and hopeful residents do make for a promising rental market. While Rancho Mirage is a fairly diverse community it’s also changing each year, as many seasonal and visiting residents come and go, or wish to remain permanently. With that, it’s also a very dynamic investment market and always a fun place to learn about. We’ll be happy to tell you more.