Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 28,433, 9,463 total housing units (homes and apartments), and a median house value of $342,935, 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 80.12% of the city's housing units. Other types of housing that are prevalent in Burbank include large apartment complexes or high rise apartments ( 9.62%), duplexes, homes converted to apartments or other small apartment buildings ( 7.60%), and a few row houses and other attached homes ( 2.10%).
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 79.68% of Burbank's homes, and 72.79% 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 63.02% of the city's housing hails from this era. Other housing ages represented in Burbank include homes built between 1970-1999 ( 27.07%) and housing constructed between 2000 and later ( 6.90%). There's also some housing in Burbank built before 1939 ( 3.01%).
Real estate appreciation rates in Burbank's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.13% during the period.
Appreciation rates are so strong in Burbank that despite a nationwide downturn in the housing market, Burbank real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Burbank appreciation rates continue to be some of the highest in America, at 8.56%, which is higher than appreciation rates in 76.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Burbank. Burbank appreciation rates in the latest quarter were at 2.79%, which equates to an annual appreciation rate of 11.63%.
Relative to Illinois, our data show that Burbank's latest annual appreciation rate is higher than 60% 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.
$342,935
for Illinois
for nation
9,463
$2,116 / per month