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Average Home Values and Ownership in Zip Code 19030: Fairless Hills's Resilient Housing Market
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
Fairless Hills, located in zip code 19030 in Pennsylvania, has experienced notable fluctuations in its real estate market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area.
The homeownership rate in Fairless Hills has remained relatively stable, with slight variations between 71% and 74% from 2013 to 2022. Average home prices have shown a significant upward trend. In 2013, the average home price was $217,903, which steadily increased to $353,595 by 2022, representing a 62.3% increase over this period. This trend suggests that despite rising home values, residents of Fairless Hills have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates in Fairless Hills remained high, between 71% and 74%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates remained stable at around 72-73%, indicating a resilient local housing market.
Renter percentages in Fairless Hills have fluctuated slightly, ranging from 26% to 28% between 2013 and 2022. Average rent prices have shown moderate volatility during this period. In 2013, the average rent was $1,051, which increased to $1,156 by 2021, representing a 10% increase. However, there was a slight decrease to $1,032 in 2022. The population of Fairless Hills grew from 15,511 in 2013 to 17,185 in 2022, which may have contributed to the overall increase in rental demand and prices.
In 2023 and 2024, the real estate market in Fairless Hills continued to evolve. The average home price reached $372,607 in 2023 and further increased to $390,608 in 2024, marking a 10.5% rise over two years. Concurrently, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in Fairless Hills may continue to rise over the next five years, potentially reaching around $450,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, Fairless Hills has demonstrated a robust housing market with steadily increasing average home prices and relatively stable homeownership rates. The area has maintained a strong preference for homeownership despite rising property values and fluctuating interest rates. Rental markets have shown moderate growth, aligning with population increases. The recent surge in home prices and interest rates in 2023 and 2024 may influence future market dynamics, potentially affecting affordability and homeownership trends in the coming years.
