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Average Home Values and Ownership in Zip Code 91367: A Decade of Change in Los Angeles Suburb
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 91367, located in Los Angeles, California, has experienced significant changes in its housing market over the past decade. This area has seen a gradual shift from owner-occupied to renter-occupied housing, accompanied by substantial increases in both average home prices and average rent prices.
The homeownership rate in zip code 91367 has shown a consistent downward trend from 2013 to 2022. In 2013, 58% of housing units were owner-occupied. This percentage decreased steadily over the years, reaching 51% by 2022. Conversely, the average home prices in the area have seen a remarkable increase. In 2013, the average home price was $484,442, which more than doubled to $1,081,064 by 2022. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for many residents in the area.
The federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained extremely low, hovering around 0.1% to 0.4%. During this period, homeownership rates in zip code 91367 remained relatively stable, ranging from 58% to 53%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates continued to decline, reaching 51% in 2022. This trend aligns with the general expectation that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership rates declined, the percentage of renters in zip code 91367 increased from 42% in 2013 to 49% in 2022. This shift coincided with a significant rise in average rent prices. In 2013, the average rent was $1,937 per month. By 2022, it had increased to $2,639, representing a 36% increase over nine years. The growing renter population, coupled with rising rent prices, suggests a strong demand for rental properties in the area, possibly driven by those unable to afford homeownership due to rising property values.
In 2023 and 2024, the housing market in zip code 91367 continued to evolve. The average home price in 2023 was $1,078,320, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $1,140,993, indicating ongoing volatility in the market. Federal interest rates also saw significant changes, rising to 5.02% in 2023 and further increasing to 5.33% in 2024. These higher interest rates may continue to impact homeownership trends in the area.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 91367 are likely to continue their upward trajectory over the next five years. Average home prices are projected to reach approximately $1.3 million by 2029, while average rent prices could climb to around $3,000 per month. These projections are based on historical trends and current market conditions.
In summary, zip code 91367 has experienced a notable shift from homeownership to renting over the past decade, driven by rapidly increasing property values and changing interest rates. The area has seen substantial growth in both average home prices and rent prices, reflecting its desirability and the overall strength of the Los Angeles real estate market. As these trends continue, the housing market in this zip code is likely to remain dynamic and potentially challenging for those seeking affordable housing options.
