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Home Values and Ownership: Historic Quarter of Agoura Hills Sees Significant Shifts
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
The Historic Quarter of Agoura Hills, California, has experienced significant changes in homeownership rates and property values over the past decade. From 2013 to 2022, homeownership rates in this charming neighborhood decreased from 73% to 64%, while average home prices more than doubled from $481,557 to $1,027,930. This 113% increase in home prices over nine years suggests a correlation between rising property values and declining homeownership accessibility.
Federal interest rates have played a crucial role in shaping homeownership trends in the Historic Quarter. In 2013, when interest rates were at a low 0.11%, homeownership stood at 73%. As interest rates gradually increased to 1.68% by 2022, homeownership decreased to 64%. This trend aligns with the economic principle that lower interest rates generally encourage homeownership by making mortgages more affordable.
As homeownership rates declined, the renter population in the Historic Quarter grew. The percentage of renters increased from 25% in 2013 to 36% in 2022. Concurrently, average rent prices rose significantly from $1,788 in 2013 to $2,520 in 2022, representing a 41% increase. This trend suggests that escalating home prices may have led more residents to opt for renting, driving up demand and subsequently, rent prices.
Recent data shows that the average home price in the Historic Quarter reached $1,029,779 in 2023 and further increased to $1,091,018 in 2024, indicating a 6% rise from 2023 to 2024 and continued growth in property values. During this period, federal interest rates also increased to 5.02% in 2023 and 5.33% in 2024, potentially influencing homebuying decisions in the neighborhood.
Predictive models forecast that average home prices in the Historic Quarter will continue to rise over the next five years, potentially reaching approximately $1,300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $3,000 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market dynamics.
The Historic Quarter of Agoura Hills has undergone a significant transformation in its housing landscape over the past decade. The declining homeownership rates, coupled with rising property values and rent prices, reflect changes in the demographic and economic profile of the neighborhood. As property values continue to climb, the area is likely to experience further shifts in its residential composition, potentially attracting more affluent homeowners and renters in the coming years.
