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Average Home Values and Ownership in Zip Code 91605: A Decade of Growth and Change
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 91605, located in Los Angeles, California, has experienced significant fluctuations in its housing market over the past decade. This area has seen a general trend of increasing average home prices and average rent prices, while homeownership rates have remained relatively stable with slight variations. The ownership percentage in zip code 91605 has shown minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 38%, and it remained relatively stable until 2022 when it increased slightly to 40%. During this same period, average home prices in the area saw a substantial increase. In 2013, the average home price was $309,382, and by 2022, it had risen dramatically to $815,978, representing a 163.7% increase over nine years. Federal interest rates have played a role in homeownership trends in this zip code. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 38%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight dip in homeownership to 36-37%. However, when interest rates dropped again in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates rebounded to 38%.
Renter percentages in zip code 91605 have also shown slight variations, generally inverse to homeownership rates. In 2013, 62% of residents were renters, and this percentage fluctuated between 61% and 64% until 2022, when it decreased to 60%. Average rent prices have steadily increased during this period. In 2013, the average rent was $1,315, and by 2022, it had risen to $1,472, an increase of 11.9% over nine years. It's worth noting that the population in this zip code decreased from 55,268 in 2013 to 51,908 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, the housing market in zip code 91605 continued to evolve. The average home price in 2023 was $816,801, showing a slight increase from 2022. In 2024, the average home price rose further to $859,631, indicating continued growth in the housing market. Interestingly, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 91605 may continue to rise over the next five years, potentially reaching around $950,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,800 per month within the same timeframe. However, these projections should be considered in the context of broader economic factors and local market conditions.
In summary, zip code 91605 has experienced significant growth in both average home prices and average rent prices over the past decade, with homeownership rates remaining relatively stable despite these increases. The area has shown resilience in its housing market, with continued price appreciation even in the face of population decline and fluctuating interest rates. The coming years may see further increases in both home values and rental costs, reflecting the ongoing demand for housing in this Los Angeles neighborhood.
