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Zip Code 91311: Average Home Values and Ownership Trends in the San Fernando Valley
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
Zip code 91311, located in Los Angeles, California, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of decreasing homeownership and increasing housing costs, reflecting broader shifts in the Los Angeles real estate market.
The homeownership rate in zip code 91311 has shown a gradual decline from 2013 to 2022. In 2013, 69% of housing units were owner-occupied. This figure decreased to 63% by 2020 and slightly rebounded to 65% in 2022. Concurrently, average home prices have risen substantially. In 2013, the average home price was $434,768, which more than doubled to $922,493 by 2022, representing a 112% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 67-69%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates declined to 64%. The brief drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) did not significantly impact homeownership rates, which remained at 63%.
Renter occupancy has generally increased as homeownership declined. The percentage of renter-occupied units rose from 32% in 2013 to 37% in 2021, before slightly decreasing to 35% in 2022. Average rent prices have also increased significantly, from $1,773 in 2013 to $2,234 in 2022, a 26% increase. This rise in rent prices, coupled with population growth from 40,789 in 2013 to 43,370 in 2022, suggests increased demand for rental properties in the area.
In 2023, the average home price in zip code 91311 slightly decreased to $903,232, a 2.1% drop from 2022. However, 2024 saw a rebound with average home prices reaching $952,439, a 5.4% increase from 2023. Interestingly, federal interest rates continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates since 2007. Despite these high interest rates, home prices in this zip code have shown resilience and continued growth.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 91311 to continue their upward trajectory, potentially reaching around $1.1 million by 2029. Average rent prices are also likely to increase, possibly surpassing $2,700 per month in the next five years. However, if interest rates remain high, we might see a moderation in the pace of home price appreciation and potentially a slight increase in homeownership rates as the market adjusts.
In summary, zip code 91311 has experienced a significant increase in both average home prices and average rent prices over the past decade, accompanied by a general trend of decreasing homeownership. The area has shown resilience in the face of rising interest rates, with home prices continuing to appreciate. These trends reflect the dynamic nature of the Los Angeles real estate market and the ongoing challenges of housing affordability in the region.
