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Average Home Values and Ownership in Zip Code 19027: Elkins Park'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
Zip code 19027, located in Elkins Park, Pennsylvania, is a community that has experienced notable shifts in homeownership and housing prices over the past decade. This area, spanning 3.91 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local factors.
The homeownership rate in zip code 19027 has shown a slight decline from 2013 to 2022, with some recent stabilization. In 2013, 63% of residents were homeowners, but this figure decreased to 59% by 2019. However, there has been a modest recovery, with homeownership rising to 62% in 2022. Simultaneously, average home prices have experienced significant growth. In 2013, the average home price was $218,080, which steadily increased to $354,882 by 2022, representing a 62.7% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates declined from 63% to 61%. As interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even slightly increased to 62%. This suggests that other local factors may have a stronger influence on homeownership decisions in this area than national interest rates alone.
Renter percentages in zip code 19027 have generally mirrored the inverse of homeownership trends, increasing from 37% in 2013 to 41% in 2018, before settling at 38% in 2022. Average rent prices have shown a consistent upward trend, rising from $1,125 in 2013 to $1,390 in 2022, an increase of 23.6%. This rent increase, while substantial, has been less dramatic than the growth in home prices over the same period. The population has remained relatively stable, ranging from 18,417 in 2013 to 19,260 in 2022, suggesting that rental demand has been influenced more by shifts in housing preferences or affordability concerns rather than significant population changes.
In 2023 and 2024, the housing market in zip code 19027 continued its upward trajectory. The average home price reached $371,818 in 2023 and further increased to $388,209 in 2024, representing a 4.8% and 4.4% year-over-year increase, respectively. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on the historical data and current trends, we can project continued growth in both home prices and rent in zip code 19027 over the next five years. Average home prices are expected to maintain a steady increase, potentially reaching around $450,000 by 2029. Rent prices are likely to follow a similar trajectory, possibly approaching $1,600 per month in the same timeframe. However, these projections assume relatively stable economic conditions and could be influenced by various factors including local development, economic policies, and broader market trends.
In summary, zip code 19027 has demonstrated resilience in its housing market, with rising property values and a recent stabilization in homeownership rates. The area has seen substantial growth in both home prices and rents, outpacing inflation and reflecting strong demand for housing in this community. While interest rates have fluctuated significantly, their impact on local homeownership trends appears to be moderated by other factors. As the community moves forward, balancing affordability with the rising value of real estate will likely be a key challenge for both current and prospective residents.
