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–continued from page 16 people’s lives,” Willis said. “We expect people to be their own fi nancial planners. My mom is a weaver. Financial planning is not her area of expertise. I don’t fi x my own car.” But other studies support arguments by fi nancial education advocates. A recently published study in the Journal of Money, Credit and Banking looked at the eff ects of state-mandated personal fi nancial courses eff ects on fi nancial decisions made by incoming freshman at four-year colleges. Researchers Christina Stoddard and Carly Urban, professors of economics at Montana State University, compared students from three states with a personal fi nance graduation requirement to students from states without one; they also assessed students in the same state before and after these courses became requirements. Th ey found that mandated personal fi nancial education classes “shifted students from high-cost to low-cost fi nancing.” Th e mandated courses also led to increased aid to incoming freshmen and acceptance of federally subsidized loans (with lower interest rates). And they reduced the likelihood that students would carry credit card balances. Students from a ffl uent families took out smaller private loans, and those from less wealthy families were also less likely to work while enrolled as students (more study time, better outcomes). (A “plausible explanation” for lower-income students working less is that they had less fi nancial need to work because they borrowed wisely, but the researchers could not specifi cally “pin down the why.”) Th e re searchers followed the students from ages 18 to 22, and in a study published last year, Urban found that mandated personal fi nance education in high schools resulted in higher credit scores and fewer severe delinquencies in that age group. She compared three states (Georgia, Idaho and Texas) that had passed legislation requiring personal fi nancial education courses for graduation to a neighboring state with no such requirement. She also compared credit scores and delinquency rates among students within the same state before and after the state mandated fi nancial education. Th e latter comparison shows the causal eff ect, she said. “Students shift their borrowing to more responsible borrowing,” Urban said in an interview. “Students are getting more grants and scholarships after they get more fi nancial education. We think it has to be required to have an eff ect.” In sum, Urban and Stoddard’s study suggests mandated personal fi nance education in high school makes college-bound grads smarter and better borrowers, and decreases their overall debt. Th at’s encouraging, considering a record 7 million Americans are falling three months behind on car loan payments, and U.S. credit card debt, now $870 billion, is the highest it has ever been. And one-fourth of Americans admit that they cannot pay their bills on time, according to the Federal Reserve Bank of New York and the National Foundation for Credit Counseling. “I love this study because it measures what we want to measure — behavior…not how they do on fi n lit tests,” said Pelletier. Exacerbating college debt is the rise in tuition rates. Over the past decade states have slashed college funding by an average of 16 percent per student; that necessitates tuition increases which in turn force students to take on ever-larger debt loads. Average student loan debt for borrowers ages 24 to 32 jumped from about $5,000 in 2005 to $10,000 in 2014, according to the Federal Reserve Bank of New York. Borrowers in the class of 2017, on average, owe $28,650, according to the Institute for College Access and Success, a nonprofi t that works to make higher education in the U.S. more aff ordable. Ranzetta, whose NGPF off ers free teaching material on personal fi nance, emphasizes the enduring value of communicating simple basics: Establishing good credit by paying bills and loan payments on time and avoiding credit card balances with added interest can save hundreds of thousands of dollars on a mortgage loan. Even avoiding overdraft fees on a bank account, which earn banks $30 billion a year, is covered in basic personal fi nance instruction. Overdraft fees can turn a $3.75 cup of coff ee charged to an overdrawn bank account into a $38.75 cup of java. “What gives me hope is that there are 600 schools in the nation that require personal fi nance that are not located in states that require it,” said Ranzetta. “So there are teachers, students, parents, administrators and board members who have stood up and demanded fi nancial education in their local high schools. Th ere are just too many important decisions for it to be an ‘Oops, now how am I going to sort this out’” | || 18 | ARROYO | 08.19
arroyo ~HOME SALES INDEX~ HOME SALES -0.46% AVG. PRICE/SQ. FT. 2.09.% June 2018 436HOMES SOLD ALHAMBRA JUNE ’18 JUNE ’19 Homes Sold 39 18 Median Price $680,000 $739,000 Median Sq. Ft. 1347 1519 ALTADENA JUNE ’18 JUNE ’19 Homes Sold 41 16 Median Price $760,000 $842,000 Median Sq. Ft. 1507 1507 ARCADIA JUNE ’18 JUNE ’19 Homes Sold 35 17 Median Price $1,032,000 $775,000 Median Sq. Ft. 1675 1352 EAGLE ROCK JUNE ’18 JUNE ’19 Homes Sold 14 15 Median Price $931,250 $902,000 Median Sq. Ft. 1384 1352 GLENDALE JUNE ’18 JUNE ’19 Homes Sold 96 36 Median Price $830,000 $742,500 Median Sq. Ft. 1520 1300 LA CAÑADA JUNE ’18 JUNE ’19 Homes Sold 27 20 Median Price $1,701,500 $1,924,000 Median Sq. Ft. 1540 3022 PASADENA JUNE ’18 JUNE ’19 Homes Sold 148 94 Median Price $822,500 $902,500 Median Sq. Ft. 1540 1660 SAN MARINO JUNE ’18 JUNE ’19 Homes Sold 9 6 Median Price $1,930,000 $1,926,500 Median Sq. Ft. 2163 2250 SIERRA MADRE JUNE ’18 JUNE ’19 Homes Sold 8 4 Median Price $1,434,000 $713,500 Median Sq. Ft. 2163 1064 SOUTH PASADENA JUNE ’18 JUNE ’19 Homes Sold 19 8 Median Price $1,430,000 $1,472,750 Median Sq. Ft. 1917 2103 TOTAL JUNE ’18 JUNE ’19 Homes Sold 436 234 Avg Price/Sq. Ft. $1893 $613 June 2019 234HOMES SOLD HOME SALES ABOVE $850,000 source: CalREsource ADDRESS CLOSE DATE PRICE BDRMS. SQ. FT. YR. BUILT PREV. PRICE PREV. SOLD ALHAMBRA 932 North Electric Ave. 6/5/19 $4,820,000 3 1,236 1907 1816 West Grand Ave. 6/26/19 $1,130,000 4 2,894 1925 $800,000 11/2/12 405 North 3rd St. 6/27/19 $1,110,000 4 2,132 1928 501 North El Molino St. 6/6/19 $1,030,000 5 2,219 1930 $899,000 8/24/16 ALTADENA 2010 Midwick Dr. 6/26/19 $2,500,000 5 3,699 1922 $2,000,000 9/23/14 960 Alta Pine Dr. 6/21/19 $1,168,000 2 1,484 1948 $270,000 8/20/98 1005 Parkman St. 6/25/19 $1,090,000 4 1,960 1925 $715,500 11/7/08 2174 Mar Vista Ave. 6/19/19 $1,087,000 3 1,685 1949 $760,000 10/30/18 2828 North Mount Curve Ave. 6/20/19 $1,050,000 3 2,062 1995 $681,000 10/29/09 1807 North Altadena Dr. 6/20/19 $1,010,000 3 2,154 1940 805 New York Dr. 6/25/19 $887,000 2 1,355 1947 $485,000 3/18/13 ARCADIA 1620 South 4th Ave. 6/3/19 $1,860,500 2 985 1947 $875,000 8/12/14 2039 Elkins Place 6/17/19 $1,700,000 3 1,813 1955 $1,388,000 3/19/14 1327 Linda Way 6/3/19 $1,200,000 4 1,834 1963 $880,000 3/16/16 909 North Santa Anita Ave. 6/24/19 $1,150,000 4 1,896 1949 1029 Encino Ave. 6/26/19 $1,109,000 3 1,776 1956 $761,000 11/26/07 220 Eldorado St. 6/19/19 $1,045,000 3 1,973 2003 $528,000 6/4/03 322 Diamond St. #2 6/19/19 $860,000 3 1,936 2000 $360,000 8/2/00 E AGLE ROCK 5148 Dahlia Dr. 6/18/19 $1,495,000 3 1,795 1923 $549,000 5/22/08 2411 Langdale Ave. 6/3/19 $1,425,000 2 807 1922 $500,000 1/8/18 4326 York Blvd. 6/19/19 $1,380,000 2 861 1927 $1,100,000 6/22/17 911 La Loma Rd. 6/6/19 $990,000 4 2,235 1947 $490,000 8/27/09 4949 Genevieve Ave. 6/28/19 $965,000 4 2159 1941 $550,000 7/12/07 2330 Yosemite Dr. 6/25/19 $919,000 5 1882 1908 4336 Toland Way 6/25/19 $910,000 4 1856 1930 2537 Hyler Ave. 6/4/19 $902,000 3 1,308 1927 $575,000 3/26/07 4911 Algoma Ave. 6/5/19 $866,500 3 1,980 1985 $172,000 6/1/87 1490 Silverwood Dr. 6/17/19 $853,000 2 1,352 1952 1042 Glen Arbor Ave. 6/25/19 $850,000 3 2055 1950 $415,000 11/2/10 GLENDALE 1609 San Gabriel Ave. 6/5/19 $1,700,000 3 2,192 1950 1633 Santa Barbara Ave. 6/4/19 $1,423,000 2 2,467 1925 $1,350,000 6/7/18 1960 El Arbolita Dr. 6/6/19 $1,408,000 3 2,596 1936 $1,175,000 11/8/13 1444 East Maple St. 6/17/19 $1,315,000 4 2,640 1923 $1,090,000 11/9/17 3000 North Verdugo Rd. 6/25/19 $1,250,000 4 2,177 1950 $718,000 3/7/19 206 Allen Ave. 6/25/19 $1,215,000 2 2,068 1920 $230,000 7/16/98 953 Calle La Primavera 6/20/19 $1,040,000 4 2,548 1992 $980,000 3/23/15 1315 Romulus Dr. 6/17/19 $1,030,000 2 1,096 1927 $880,000 11/8/16 1919 Canada Blvd. 6/24/19 $930,000 4 2,594 1931 1109 Green St. 6/28/19 $915,000 3 1,503 1929 $688,000 6/6/16 1858 Caminito Del Cielo 6/24/19 $900,000 2 2,146 1990 $825,000 4/28/16 3535 Rosemary Ave. 6/17/19 $885,000 2 1,045 1925 $269,000 2/1/89 1600 Marion Dr. 6/28/19 $850,000 3 1,250 1963 $654,500 3/3/16 LA CAÑADA 5350 Harter Lane 6/18/19 $5,100,000 5 8,797 2005 $350,000 11/12/99 635 Berkshire Ave. 6/6/19 $4,250,000 6 6,107 1949 $10,000 1/1/92 384 Meadow Grove St. 6/19/19 $3,700,000 5 5,255 1931 4257 Woodleigh Lane 6/19/19 $3,070,000 6 3,056 1924 $2,900,000 12/29/14 4228 Chula Senda Lane 6/6/19 $2,750,000 2 2,357 1950 4284 Hampstead Rd. 6/4/19 $2,600,000 3 3,039 1976 4736 Gould Ave. 6/4/19 $2,500,000 5 3,792 1941 $2,220,000 6/4/07 5525 Stardust Rd. 6/26/19 $2,400,000 4 3,004 1958 $1,245,000 3/1/06 –continued on page 21 The Arroyo Home Sales Index is calculated from residential home sales in Pasadena and the surrounding communities of South Pasadena, San Marino, La Canada Flintridge, Eagle Rock, Glendale (including Montrose), Altadena, Sierra Madre, Arcadia and Alhambra. Individual home sales data provided by CalREsource. Arroyo Home Sales Index © Arroyo 2019. Complete home sales listings appear each week in Pasadena Weekly. 08.19 ARROYO | 19
Page 1: FINE LIVING IN THE GREATER PASADENA
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Page 6 and 7: EDITOR’S NOTE I’ve long thought
Page 8 and 9: FESTIVITIES Andrew Russell, Sarah W
Page 10 and 11: TOTS ON TECH: THE NEW CLASS DIVIDE
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Page 16 and 17: -continued from page 15 (CFL) Repor
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Page 22 and 23: ARROYO HOME & DESIGN SPECIAL ADVERT
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Page 32 and 33: —ADVERTISING SUPPLEMENT— Educat
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Page 36 and 37: —ADVERTISING SUPPLEMENT— Educat
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Page 42 and 43: HAPPY Lauren Schneider CAMPERS Chil
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Page 46 and 47: KITCHEN CONFESSIONS Floating Some I
Page 48 and 49: THE LIST COMPILED BY JOHN SOLLENBER
Page 50: THE LIST -continued from page 49 Pi

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