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Average Home Values and Ownership in Zip Code 91506: Burbank's Entertainment Hub Shows Resilience
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 91506, located in Burbank, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a shift in its housing market dynamics, reflecting broader economic trends and local factors. The ownership percentage in zip code 91506 has shown fluctuations over the years. In 2013, the homeownership rate stood at 56%. This rate remained stable until 2015 when it began to decline, reaching 52% by 2019. Interestingly, the trend reversed in 2020, with homeownership rates increasing back to 56% and maintaining this level through 2022. Concurrently, average home prices in the area have seen a substantial increase. In 2013, the average home price was $527,670, which rose steadily to $861,391 by 2019, representing a 63% increase over six years. The upward trend continued, with average home prices reaching $1,207,268 in 2022, more than doubling the 2013 value.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2019, as interest rates gradually increased from 0.11% to 2.16%, homeownership rates declined from 56% to 52%. However, when interest rates dropped sharply to 0.38% in 2020, homeownership rates rebounded to 56%, suggesting that lower interest rates may have encouraged home buying in this area.
Renter percentages in zip code 91506 have mirrored the homeownership trends, increasing from 44% in 2013 to 48% in 2019, before decreasing back to 44% in 2020 and remaining steady through 2022. Average rent prices have generally increased over this period, rising from $1,538 in 2013 to $1,730 in 2019, a 12.5% increase. However, there was a slight dip to $1,713 in 2020, possibly due to the economic impact of the COVID-19 pandemic, before rising again to $1,721 in 2022. The population in this zip code has fluctuated, with a notable increase from 17,829 in 2020 to 19,615 in 2022, which may have contributed to the upward pressure on rent prices.
In 2023, the average home price in zip code 91506 slightly decreased to $1,186,838, representing a 1.7% drop from 2022. However, the trend reversed in 2024, with average home prices rising to $1,231,376, a 3.8% increase from 2023. This recovery occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024, potentially indicating strong demand in this area despite higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 91506 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $1,400,000 by 2029. Average rent prices are also likely to increase, potentially reaching $2,000 per month by 2029, driven by population growth and the overall increase in housing costs.
In summary, zip code 91506 has demonstrated a resilient housing market with significant appreciation in home values and a recent rebound in homeownership rates. The area has weathered economic fluctuations and maintained its attractiveness to both homeowners and renters. The interplay between interest rates, housing prices, and ownership rates highlights the complex dynamics of this local real estate market, which continues to show signs of growth and stability.
