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Azusa's Resilient Housing Market: Stable Ownership Amid Rising Home Values in "The Canyon City"
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Azusa, known as "The Canyon City," is a vibrant community nestled in the San Gabriel Valley of Los Angeles County, California. This city of 9.67 square miles has experienced steady growth over the past decade, with its population increasing from 47,808 in 2010 to 50,758 in 2022. Azusa has maintained a relatively stable homeownership rate, hovering around 55-56%, while average home prices and average rent have shown significant upward trends.
The homeownership rate in Azusa has remained relatively constant, fluctuating between 55% and 56% from 2013 to 2022. During this period, average home prices have seen a substantial increase. In 2010, the average home price was $275,438, which rose to $661,203 by 2022, representing a 140% increase over 12 years. This trend suggests that despite rising home prices, Azusa residents have maintained their ability to own homes, possibly due to wage growth or other economic factors supporting homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. These low rates likely contributed to the stability in homeownership rates by making mortgages more affordable. For instance, in 2020, when the interest rate dropped to 0.38%, the homeownership rate held steady at 55%, even as average home prices reached $507,366.
The renter population in Azusa has also remained stable, comprising around 44-45% of the population from 2013 to 2022. Average rent prices have shown a steady increase during this period. In 2013, the average rent was $1,378, which rose to $1,704 by 2022, an increase of about 23.7%. This growth in rent prices, while significant, has been less dramatic than the increase in home prices. The relatively stable renter percentage, despite rising rents, may indicate that Azusa continues to attract renters, possibly due to its proximity to educational institutions or job centers.
In 2023 and 2024, Azusa's housing market continued its upward trajectory. The average home price in 2023 was $662,691, showing a slight increase from 2022. In 2024, the average home price further rose to $697,169, indicating ongoing appreciation in the real estate market. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the coming years.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Azusa may continue to rise over the next five years, potentially reaching around $800,000 by 2029. Average rent prices could also see continued growth, possibly approaching $2,000 per month in the same timeframe. However, these projections may be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, Azusa has demonstrated a robust and growing housing market over the past decade. The city has maintained a stable balance between homeowners and renters despite significant increases in both home prices and rents. The coming years may present challenges in terms of affordability, especially with rising interest rates, but Azusa's consistent growth and desirable location suggest it will remain an attractive place for both homeowners and renters.
