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Glendale's Rising Home Values: A Decade of Market Resilience
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
Glendale, California, a vibrant city in Los Angeles County, boasts a diverse population and rich cultural heritage. With 189,228 residents in 2022, Glendale has experienced fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. The city has generally maintained a higher percentage of renters compared to homeowners, with average home and rent prices showing an upward trend.
The relationship between homeownership percentages and average home prices in Glendale reveals interesting patterns. In 2013, the homeownership rate was 34%, with an average home price of $518,357. As average home prices steadily increased, reaching $701,096 in 2017, the homeownership rate remained relatively stable at 33%. However, a notable shift occurred in 2018 when the homeownership rate dropped to 30% while average home prices surged to $797,184. This trend suggests that rising home prices may have made homeownership less accessible for some residents. By 2022, the homeownership rate had slightly increased to 33%, with average home prices reaching $1,151,482, indicating a potential stabilization in the market.
Federal interest rates have played a significant role in shaping homeownership trends in Glendale. During periods of lower interest rates, such as from 2013 to 2016 when rates ranged from 0.11% to 0.40%, homeownership rates remained relatively stable around 33-34%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a corresponding decrease in homeownership to 30%. However, the relationship is not always straightforward, as evidenced by the slight increase in homeownership to 36% in 2021 despite historically low interest rates of 0.08%.
Renter percentages and average rent prices in Glendale have shown a strong correlation. In 2013, 66% of residents were renters, with an average rent of $1,288. As the renter percentage increased to 70% in 2018, average rent prices also rose to $1,683. This trend continued through 2022, with 67% of residents renting and average rent reaching $2,009. The increase in renter percentages and rent prices may be attributed to the growing population, which peaked at 203,066 in 2017, potentially increasing demand for rental properties.
Looking at the most recent data, the average home price in Glendale for 2023 was $1,148,495, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $1,202,619. This upward trend is occurring despite the federal interest rate rising to 5.33% in 2024, which is significantly higher than previous years.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Glendale will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach $1,400,000 to $1,500,000. Average rent prices are also expected to increase, potentially surpassing $2,500 per month by 2029. These projections assume continued population growth and economic stability in the region.
In summary, Glendale's housing market has shown resilience and growth over the past decade. The city has maintained a higher percentage of renters, with both average home prices and rent prices displaying upward trends. The relationship between homeownership rates and average home prices suggests that affordability remains a key factor in the market. Despite fluctuations in federal interest rates, Glendale's housing market has continued to appreciate, reflecting the city's desirability and economic strength. As the market evolves, it will be crucial to monitor these trends and their impact on the city's diverse population.
