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Beverly Glen: High Home Values and Ownership Rates in a Picturesque Los Angeles Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beverly Glen, an affluent neighborhood nestled in the Santa Monica Mountains of Los Angeles, California, has experienced significant growth in average home prices while maintaining a consistently high rate of homeownership over the past decade. Known for its scenic canyon setting and upscale residences, Beverly Glen has demonstrated resilience in its housing market, with homeownership rates remaining stable and even slightly increasing in recent years.
The homeownership rate in Beverly Glen has shown remarkable stability with a slight upward trend. In 2013, 88% of residents were homeowners, a percentage that held steady through 2019. By 2020, the rate increased to 90%, before settling back to 88% in 2022. This high rate of homeownership correlates with the substantial increase in average home prices. In 2013, the average home price was $801,072, which more than doubled to $1,586,229 by 2022, representing a 98% increase over nine years.
Federal interest rates have played a role in homeownership trends in Beverly Glen. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained stable at 88%. As interest rates began to rise in 2017 (1%), there was a slight decrease in homeownership to 87%. However, despite further increases in interest rates, homeownership rebounded to 90% in 2020 when rates dropped to 0.38%, possibly due to pandemic-related factors.
Renter percentages in Beverly Glen have remained low, fluctuating between 10% and 15% from 2013 to 2022. The average rent prices, however, have shown more variability. In 2013, the average rent was $1,993, which increased to a peak of $2,830 in 2017, representing a 42% rise. Since then, average rent prices have moderated, dropping to $2,538 in 2022, but still showing an overall increase of 27% from 2013 to 2022. The population of Beverly Glen has decreased from 17,289 in 2013 to 15,268 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in Beverly Glen reached $1,588,818, showing a slight increase from the previous year. This trend continued into 2024, with average home prices rising to $1,616,816. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Beverly Glen will continue to appreciate, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $1.8 million to $2 million. Average rent prices are likely to stabilize or show modest increases, potentially reaching $2,800 to $3,000 per month within the same timeframe.
In summary, Beverly Glen has demonstrated resilience in its housing market, with consistently high homeownership rates and substantial growth in average home prices. The neighborhood has weathered fluctuations in federal interest rates and maintained its desirability, as evidenced by the continuous appreciation of property values. While the rental market has shown more volatility, it remains a small segment of the housing landscape in this predominantly owner-occupied community.
