Burbank, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Burbank, IL Real Estate Data


Burbank Housing Market Information

With 29,128 people, 8,795 houses or apartments, and a median cost of homes of $201,814, Burbank real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Burbank, accounting for 80.26% of the city's housing units. Other types of housing that are prevalent in Burbank include large apartment complexes or high rise apartments ( 9.51%), duplexes, homes converted to apartments or other small apartment buildings ( 7.71%), and a few row houses and other attached homes ( 2.12%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Burbank. Owner-occupied housing accounts for 79.57% of Burbank's homes, and 71.54% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Burbank's housing was primarily built during this period, from the '40s through the '60s. A full 62.67% of the city's housing hails from this era. Other housing ages represented in Burbank include homes built between 1970-1999 ( 27.01%) and housing constructed between 2000 and later ( 6.95%). There's also some housing in Burbank built before 1939 ( 3.37%).

Burbank Home Appreciation Rates

Homes have actually lost value in Burbank over the last then years, as home values have seen a decline of 29.42% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Burbank home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

Over the last year, Burbank appreciation rates have trailed the rest of the nation. In the last twelve months, Burbank's appreciation rate has been 4.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Burbank were at 1.63%, which equates to an annual appreciation rate of 6.69%.

Relative to Illinois, our data show that Burbank's latest annual appreciation rate is lower than 70% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Burbank differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Burbank - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Burbank real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$201,814

Burbank, IL HOME PRICES

Value Range
> $1,083,000 0.4
$812,001 - $1,083,000 0.2
$541,001 - $812,000 1.1
$433,001 - $541,000 2.6
$325,001 - $433,000 6.4
$216,001 - $325,000 29.7
$108,001 - $216,000 51.5
$54,001 - $108,000 5.3
$0 - $54,000 2.7

High for IL
High for Nation

Value Relative to Nation Value Relative to State
32.6579610001757 25.4430379746835

Number Of Homes And Apartments:
8,795

Rent & Ownership

 

Average Market Rent:
$1,149 / per month

Homeownership Rate

Homeownership
Owners 79.57
Renters 20.43
Vacant 4.67

Housing Market Details

 

Age of Homes

AGE OF Burbank HOMES
2000 or Newer 6.9
1970 - 1999 27.0
1940 - 1969 62.7
1939 or Older 3.4

Types of Homes

TYPE OF Burbank HOMES
Single-Family 80.3
Townhomes 2.1
Small Apt. Buildings 7.7
Apt. Complexes 9.5
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Burbank HOMES
No Bedroom 0.95
1 Bedroom 3.89
2 Bedrooms 18.30
3 Bedrooms 54.04
4 Bedrooms 17.49
5 or more bedrooms 5.32

Burbank Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
16.60% 0.91% 3 2
* 10 is highest