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Rossmoyne's Rising Home Values and Shifting Ownership Trends: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rossmoyne, a neighborhood in Glendale, California, has experienced significant changes in homeownership rates and property values over the past decade. Known for its historic charm and desirable location, Rossmoyne has seen a general trend of decreasing homeownership coupled with substantial increases in average home prices and rent costs. The homeownership rate in Rossmoyne has fluctuated but generally declined from 47% in 2013 to 42% in 2022. During this same period, average home prices rose dramatically from $574,580 in 2013 to $1,318,689 in 2022, more than doubling in value. This inverse relationship suggests that as property values increased, homeownership became less attainable for many residents.
Federal interest rates have played a role in homeownership trends in Rossmoyne. In 2013, when interest rates were at a low 0.11%, homeownership was at 47%. As interest rates gradually increased to 1.83% in 2018, homeownership decreased to 40%. However, when interest rates dropped to 0.08% in 2021, there was a slight uptick in homeownership to 44%. This pattern indicates that lower interest rates generally correspond with higher homeownership rates, likely due to more affordable financing options.
The renter population in Rossmoyne has grown as homeownership has declined. In 2013, 53% of residents were renters, increasing to 58% by 2022. Concurrently, average rent prices have risen from $1,684 in 2013 to $1,776 in 2022. The most significant jump occurred between 2020 and 2021, when average rent rose from $1,832 to $2,053, before slightly decreasing in 2022. These trends suggest that as homeownership became less accessible, more residents turned to renting, driving up demand and prices in the rental market.
In 2023 and 2024, Rossmoyne's real estate market continued to evolve. The average home price in 2023 was $1,333,311, showing a slight increase from 2022. In 2024, the average home price further rose to $1,415,009. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Rossmoyne are likely to continue their upward trajectory over the next five years, potentially reaching around $1.7 million by 2029. Average rent prices are also expected to increase, possibly surpassing $2,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Rossmoyne has experienced a notable shift towards a renter-majority population over the past decade, accompanied by substantial increases in both average home prices and average rent costs. The inverse relationship between homeownership rates and property values, influenced by fluctuating interest rates, has been a key factor in shaping the neighborhood's housing market. As property values continue to rise, this trend of increasing rentership and escalating housing costs is likely to persist in the coming years.
