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Average Home Values and Ownership in Zip Code 19025: A Suburban Shift in Oreland, 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 19025, located in Oreland, Pennsylvania, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual shift in its housing market dynamics, with notable trends in both ownership and rental sectors.
The homeownership rate in zip code 19025 has shown a slight decline over the years. In 2013, the area boasted a high 92% homeownership rate. However, by 2022, this figure had decreased to 85%. This 7% drop in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $389,516, which rose steadily to reach $581,104 by 2022, representing a 49.2% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally expected pattern. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates stayed relatively stable at around 90-92%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a gradual decline, dropping to 85% by 2022.
Renter percentages in zip code 19025 have increased correspondingly with the decrease in homeownership. In 2013, only 8% of residents were renters, but this figure rose to 15% by 2022. This change coincided with a significant increase in average rent prices. In 2013, the average rent was $1,573, which increased to $2,120 by 2022, a 34.8% rise. The population growth from 6,634 in 2013 to 7,765 in 2022 likely contributed to the increased demand for rental properties and subsequent rise in rent prices.
As of 2024, the average home price in zip code 19025 has reached $643,463, a 10.8% increase from the 2022 figure. This continued appreciation in home values occurs despite the federal interest rate rising to 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 19025 could potentially reach around $750,000 by 2029. Average rent prices, following the established trend, might increase to approximately $2,500 per month. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 19025 has experienced a gradual shift from a predominantly owner-occupied area to one with a growing renter population. This change has occurred alongside significant increases in both average home prices and average rent prices. The interplay between federal interest rates, homeownership rates, and housing costs continues to shape the real estate landscape in this Pennsylvania community.
