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Brockmont's Soaring Home Values: A Decade of Growth in Glendale's Homeownership Haven
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brockmont, a neighborhood in Glendale, California, has experienced significant changes in home values and ownership rates over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with percentages remaining above 79% since 2013. Average home prices have shown a substantial upward trend, while average rent prices have fluctuated considerably.
The relationship between homeownership rates and average home prices in Brockmont reveals interesting patterns. In 2013, the homeownership rate was 90%, with an average home price of $917,877. Despite a slight decline in homeownership to 79% by 2018, average home prices continued to rise, reaching $1,311,029. This trend suggests that rising home values did not significantly deter homeownership in the area. By 2022, the homeownership rate rebounded to 88%, coinciding with an average home price of $2,019,774, indicating a strong desire for homeownership despite the substantial increase in property values.
Federal interest rates have influenced homeownership trends in Brockmont. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the area's high homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership, reaching its lowest point of 79% in 2018. However, the subsequent drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a sharp increase in homeownership, peaking at 91% in 2020.
Renter percentages and average rent prices in Brockmont have shown some volatility. In 2013, with only 10% of housing units rented, the average rent was $2,033. As the renter percentage increased to 21% in 2018, average rent rose to $2,184. Interestingly, in 2020, when the renter percentage dropped to just 9%, average rent spiked to $2,892, possibly due to limited rental supply. By 2022, with 12% of units rented, the average rent remained high at $2,869. These fluctuations suggest that rental prices in Brockmont are sensitive to changes in the rental market share and overall housing demand.
Looking at the most recent data, the average home price in Brockmont reached $2,030,697 in 2023 and further increased to $2,176,964 in 2024. This represents a significant 7.2% year-over-year increase. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Brockmont will continue to rise, potentially reaching around $2.7 million by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are expected to fluctuate but generally increase, potentially reaching approximately $3,300 per month by 2029, assuming continued demand for rental properties in the area.
In summary, Brockmont has demonstrated resilience in maintaining high homeownership rates despite substantial increases in property values. The neighborhood has experienced significant growth in average home prices, with values more than doubling from 2013 to 2024. Rental markets have shown volatility, with average rents generally increasing but subject to fluctuations based on supply and demand dynamics. The interplay between federal interest rates, homeownership rates, and housing prices suggests that Brockmont remains an attractive area for homeowners, even as property values continue to appreciate.
