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Zip Code 91214: Home Values and Ownership Trends in La Crescenta-Montrose
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
La Crescenta-Montrose, located in zip code 91214 in California, is a vibrant community that has experienced notable shifts in its housing market over the past decade. This analysis explores the interplay between homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in zip code 91214 has remained relatively stable, with slight fluctuations between 72% and 75% from 2013 to 2022. Despite this stability, average home prices have shown a significant upward trend. In 2013, the average home price was $575,103, which steadily increased to $1,238,520 by 2022, representing a remarkable 115% increase over nine years. This substantial rise in home values did not significantly impact homeownership rates, suggesting a resilient local market where residents have maintained their ability to own homes despite rising prices.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates in zip code 91214 slightly increased from 73% to 74%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable at 72%, demonstrating the area's resilience to moderate interest rate increases.
Renter percentages in zip code 91214 have shown a slight increase, moving from 26% in 2015 to 28% in 2022. This modest rise in renters corresponds with an increase in average rent prices. In 2013, the average rent was $1,756, which grew to $2,293 by 2022, an increase of about 31% over nine years. The population of the area also increased during this period, from 29,765 in 2013 to 30,543 in 2022, potentially contributing to the upward pressure on rent prices due to increased demand for housing.
Looking at the most recent data, the average home price in zip code 91214 for 2023 was $1,214,166, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $1,283,107, indicating a recovery in the housing market. This rebound is occurring despite the federal interest rate reaching 5.33% in 2024, which is significantly higher than in previous years. This suggests a strong local housing market that can withstand higher interest rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 91214 will continue to rise, albeit at a more moderate pace. The average home price could potentially reach around $1.5 million by 2029. For rent prices, the forecast suggests a continued upward trend, with average rents potentially reaching $2,800 to $3,000 per month in the next five years.
In summary, zip code 91214 has demonstrated a robust and resilient housing market. Despite significant increases in average home prices, homeownership rates have remained relatively stable. The area has also seen steady growth in average rent prices, coupled with a slight increase in the percentage of renters. The most recent data shows a strong recovery in home prices, even in the face of rising interest rates. These trends suggest a desirable location with a strong demand for both owned and rented housing, likely driven by factors such as local amenities, job opportunities, and overall quality of life in the La Crescenta-Montrose area.
