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College Hills Housing Market: Rising Home Values and Balanced Ownership in Glendale's Resilient 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
College Hills, a vibrant neighborhood in Glendale, California, is known for its picturesque streets and proximity to educational institutions. Over the past decade, this area has experienced notable fluctuations in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in College Hills has shown variability, with a general upward trend from 2013 to 2022. In 2013, the ownership rate stood at 37%, gradually increasing to 44% by 2021, before settling at 38% in 2022. This trend coincided with significant growth in average home prices, which rose from $993,462 in 2013 to an impressive $2,019,951 in 2022, representing a 103% increase over this period.
The relationship between federal interest rates and homeownership rates in College Hills reveals some interesting patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates increased from 37% to 41%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, despite interest rates rising to 1.68% by 2022, the homeownership rate remained relatively stable at 38%, suggesting other factors were influencing local property ownership decisions.
Renter percentages in College Hills have fluctuated inversely to homeownership rates, naturally. The proportion of renters decreased from 63% in 2013 to 56% in 2021, before increasing slightly to 62% in 2022. Average rent prices have shown a steady upward trend, rising from $1,640 in 2013 to $1,978 in 2022, a 21% increase. This trend occurred alongside population growth, with the neighborhood's population increasing from 1,690 in 2013 to 2,162 in 2022, potentially contributing to increased rental demand and prices.
In 2023 and 2024, the average home prices in College Hills continued to evolve. The average home price in 2023 was $1,972,335, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $2,101,566, reaching a new high. This occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the face of higher borrowing costs.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $2,450,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $2,300 per month by 2029. These projections assume relatively stable economic conditions and continued demand for housing in the area.
In summary, College Hills has demonstrated resilience in its housing market, with both ownership and rental sectors showing strength. The neighborhood has experienced substantial growth in property values, outpacing increases in rent prices. Despite fluctuations in interest rates and homeownership percentages, the overall trend points towards a robust and desirable real estate market in this Glendale community.
