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Luther Burbank

Learn about the people, housing, costs and businesses in Luther Burbank, California

Median Home$1,103,136
Median Rent$2,332/month
Population3,938
Leading IndustriesRetail · Transportation · Manufacturing16% retail
Home Value Growth⬆⬆+11.4% over 2 years
Retirees22% of residentsabove average nationally
Renters56% of occupied units
Luther Burbank
CA

Frequently Asked Questions

What are today's mortgage rates in Luther Burbank?

As of today, the 30-year fixed mortgage rate for Luther Burbank is approximately 7.019% (7.052% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Luther Burbank?

The median home value in Luther Burbank is $1.1M. The median monthly rent is $2,332. Annual property taxes average $8k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Luther Burbank?

Home values in Luther Burbank have increased 11.4% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Luther Burbank?

Based on a typical all-in ownership cost of $2,629/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $113k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Luther Burbank is $99k/year.

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What industries drive the economy in Luther Burbank?

The largest employment sectors in Luther Burbank are public administration (19%) and retail (16%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.