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Average Home Values and Ownership in Zip Code 19020: A Decade of Change in Eddington, Pennsylvania
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
Zip code 19020, located in Eddington, Pennsylvania, is a vibrant area covering 18.4 square miles. This suburban community has experienced notable shifts in homeownership rates and housing prices over the past decade. The area has seen a gradual decrease in owner-occupied housing, coupled with rising average home prices and average rent costs.
The homeownership rate in zip code 19020 has shown a slight downward trend from 2013 to 2022. In 2013, 59% of housing units were owner-occupied, but this figure decreased to 57% by 2022. During this same period, average home prices in the area increased significantly. In 2013, the average home price was $234,451, and by 2022, it had risen to $359,081, representing a 53.2% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 19020. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the homeownership rate remained relatively stable at around 58-59%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate dropped to 55-56%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
As homeownership rates declined, the percentage of renters in zip code 19020 increased from 41% in 2013 to 43% in 2022. Concurrently, average rent prices rose from $1,134 in 2013 to $1,323 in 2022, an increase of 16.7%. The population of the area remained relatively stable during this period, with 55,949 residents in 2013 and 56,923 in 2022. The combination of a stable population and increasing rent prices suggests a growing demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 19020 continued to show strong growth. The average home price reached $379,302 in 2023 and further increased to $394,118 in 2024, representing a 5.6% and 3.9% year-over-year growth, respectively. This occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow housing market growth.
Looking ahead, predictive models suggest that the upward trend in both average home prices and average rent prices is likely to continue over the next five years. Average home prices are projected to potentially reach around $450,000 by 2029, while average rent prices could approach $1,500 per month. These predictions are based on the historical trends observed in the data and assume relatively stable economic conditions.
In summary, zip code 19020 has experienced a gradual shift towards more renter-occupied housing, accompanied by substantial increases in both average home prices and average rent costs. The area has shown resilience in its housing market, with continued price growth even in the face of rising interest rates. These trends suggest a dynamic and evolving housing landscape in Eddington, with implications for both current and future residents.
