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Average Home Values and Ownership in Zip Code 19002: Spring House's Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Spring House, located in zip code 19002 in Pennsylvania, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area has seen a general trend of increasing average home prices and rent costs, while homeownership rates have slightly fluctuated.
The ownership percentage in Spring House has shown a slight downward trend from 2013 to 2022. In 2013, the homeownership rate was 77%, which decreased to 74% by 2022. During this same period, average home prices in the area increased significantly. In 2013, the average home price was $391,012, and by 2022, it had risen to $580,201, representing a 48.4% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 75-77%. However, as interest rates began to rise from 2017 onwards, there was a slight decline in homeownership rates, reaching 73% in 2017 and 2018 before stabilizing at 74% from 2020 to 2022.
The renter population in Spring House has shown a corresponding increase as homeownership rates declined. The percentage of renters rose from 23% in 2013 to 26% in 2022. This shift coincided with a steady increase in average rent prices. In 2013, the average rent was $1,427, which increased to $1,660 by 2022, representing a 16.3% rise over the period. The population growth from 34,250 in 2013 to 34,191 in 2022 suggests that the increased demand for rental properties may have contributed to the rise in rent prices.
Looking at the most recent data, the average home price in Spring House continued its upward trajectory, reaching $614,953 in 2023 and $642,172 in 2024. This represents a substantial increase of 10.7% from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Spring House will continue to rise, potentially reaching around $750,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,900 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Spring House has experienced a gradual shift towards more renters and fewer homeowners over the past decade, coinciding with substantial increases in both average home prices and rent costs. The recent sharp rise in interest rates, coupled with continued growth in housing prices, may further influence homeownership rates and rental demand in the coming years. The area's real estate market demonstrates resilience and attractiveness, as evidenced by the consistent upward trajectory of property values.
