ZIP 92688
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12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in ZIP 92688 usually run 0.9% below trend in February and 0.6% above it in October, about $43 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 92688 is at its highest level since Zillow's records here began in January 2015.
Rent in ZIP 92688 changed +5.3% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.
From 2019 to 2024, rent in ZIP 92688 rose 37.6% while median household income rose 31.4% ($116,064 to $152,528). Rent outpaced income.
Rent in ZIP 92688 is 45.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 9 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($152,528) is $3,813 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($3,540); a 3-bedroom is $4,810.
From Zillow's monthly rent index (ZORI) for ZIP 92688. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 92688 (Rancho Santa Margarita, CA) is majority owner-occupied, has a median income above the national average, 49.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 92688 in Rancho Santa Margarita, CA has changed in 5 years
Across the past five years, the going rent in ZIP 92688 in Rancho Santa Margarita, CA has shifted from $2,078 to $2,849, up 37.1% since 2021. Median household income climbed from $127,522 to $152,528 between 2021 and 2024, a 19.6% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 92688 in Rancho Santa Margarita, CA losing about 1,066 residents over the five-year window, down 2.4% on net. Taken together, the five-year picture in ZIP 92688 in Rancho Santa Margarita, CA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Tips for renters in ZIP 92688
Last updated: October 17, 2026
ZIP code 92688 covers Rancho Santa Margarita, CA. The median rent here is $2,849/mo as of October 2026. A 1-bedroom rents for a median of $2,187/mo. A 2-bedroom rents for a median of $2,580/mo.
At 22% of local median household income ($152,528/yr), ZIP 92688 ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.3% over the past year.
Frequently asked questions
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How does ZIP 92688 compare to other ZIPs in California?
How does ZIP 92688 compare to the rest of Rancho Santa Margarita?
At $2,849/mo, rent takes ~22% of ZIP 92688's median household income ($152,528/yr). The standard benchmark is 30%.
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