91506, Burbank, CA

The Burbank zip code 91506 has a population of over 158,000 people and a median household income of over $105,000. The home equity in this zip code is at an all-time high with the average home value reaching $1,078,500. This is a 20% increase from the previous year and a 33% increase from five years ago.

There are many factors that contribute to the high home values in this zip code. One reason is that there are many affluent residents who are able to purchase homes at an inflated price. Additionally, the market has been buoyed by strong job growth and low interest rates. Finally, there is limited supply of homes available which drives up prices.

Despite these positive factors, some homeowners in this zip code may be facing challenges due to the high home values. For example, if someone does not have enough money saved up to cover their mortgage payments when their house values rise significantly, they may find themselves in difficulty. Additionally, if someone wants to sell their home but does not believe it will be worth as much as it once was when compared to other similar homes in the area, they may struggle to achieve a sale price that covers their costs and earns them a profit.