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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 91011, located in La Cañada Flintridge, California, is a suburban community known for its excellent schools and proximity to Los Angeles. This area has maintained a high rate of homeownership, with average home prices showing substantial growth over the years. Meanwhile, average rent prices have also seen an upward trend, reflecting the desirability of this location.
The homeownership rate in zip code 91011 has remained relatively stable, hovering around 87-89% between 2013 and 2022. This high rate of ownership coincides with a significant increase in average home prices. In 2013, the average home price was $1,163,850, which steadily rose to $2,293,948 by 2022, representing a 97% increase over this period. The most notable jump occurred between 2020 and 2022, with prices surging from $1,778,208 to $2,293,948, a 29% increase in just two years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low rates coincided with the stable homeownership rates and rising home prices in zip code 91011. The low-interest environment likely made mortgages more affordable, supporting the high rate of homeownership despite the increasing home prices.
The percentage of renters in zip code 91011 has remained relatively low, fluctuating between 11% and 14% from 2013 to 2022. Despite the small renter population, average rent prices have seen substantial increases. In 2013, the average rent was $1,997, which rose to $3,007 by 2022, a 51% increase. The most significant jump occurred between 2014 and 2015, when average rent increased from $2,037 to $2,973, a 46% rise in a single year. The population has remained relatively stable during this period, suggesting that the rent increases are more likely due to the overall desirability of the area and the rising property values rather than population pressures.
In 2023, the average home price in zip code 91011 experienced a slight decrease to $2,196,401, down 4.3% from 2022. However, 2024 has seen a robust recovery, with average home prices rebounding to $2,471,333, an increase of 12.5% from 2023. This growth is particularly notable given the higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher rates typically make borrowing more expensive, yet the housing market in this zip code has shown resilience and continued appreciation.
Looking ahead, based on historical trends and current market conditions, we can forecast the following 5-year trends for average home and rent prices in zip code 91011: Average home prices are projected to continue their upward trajectory, potentially reaching around $3,000,000 by 2029. This forecast assumes a moderate annual growth rate of 4-5%, which is conservative compared to the dramatic increases seen in recent years. Average rent prices are expected to maintain their upward trend, potentially reaching $3,500-$3,700 per month by 2029. This projection is based on the historical rate of increase and the correlation with rising property values.
In summary, zip code 91011 in La Cañada Flintridge has demonstrated a robust and resilient housing market characterized by high homeownership rates and steadily increasing property values. Despite fluctuations in interest rates and economic conditions, the area has maintained its appeal, resulting in consistent growth in both home prices and rental rates. The recent rebound in home prices in 2024, despite higher interest rates, underscores the strong demand for properties in this desirable suburb.