Average Home Values and Ownership in Zip Code 19072: Narberth's Shifting Housing Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 19072, encompassing Narberth in Pennsylvania, is a small yet vibrant area of 3.16 square miles that has experienced significant changes in its housing market over the past decade. This suburban community has seen notable shifts in homeownership rates and substantial increases in housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19072 has shown a gradual decline from 2013 to 2022. In 2013, 73% of residents owned their homes, but by 2022, this figure had decreased to 70%. In contrast, average home prices in the area have seen substantial growth. The average home price rose from $414,568 in 2013 to $655,817 in 2022, representing a 58% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making it more challenging for some residents to enter the housing market.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 19072. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 76%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), a slight decline in homeownership to 75% was observed by 2019. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a further decrease in homeownership to 72%, possibly due to economic uncertainties during the pandemic period.
Renter percentages in zip code 19072 have shown a gradual increase, rising from 27% in 2013 to 30% in 2022. This trend has been accompanied by a significant increase in average rent prices. In 2013, the average rent was $1,462, which rose to $2,003 by 2022, marking a 37% increase over nine years. The population in the zip code has also grown during this period, from 9,046 in 2013 to 9,670 in 2022, potentially contributing to increased demand for rental properties and subsequent rent price increases.
As of 2024, the average home price in zip code 19072 has reached $742,300, representing a 13% increase from the 2022 figure of $655,817. This rapid appreciation has occurred despite the Federal interest rate rising to 5.33% in 2024, significantly higher than the 1.68% rate in 2022. The 2023 average home price was $699,356, with a corresponding interest rate of 5.02%, indicating a continued upward trend in property values despite rising borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 19072 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average home prices are anticipated to reach approximately $850,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $2,400 by 2029, driven by ongoing population growth and the area's desirability.
In summary, zip code 19072 has experienced a gradual shift towards more renters, with homeownership rates declining from 73% to 70% between 2013 and 2022. This trend has occurred alongside substantial increases in both average home prices (58% growth) and average rent prices (37% growth) during the same period. The interplay between federal interest rates, local population growth, and broader economic factors has significantly influenced these housing market dynamics. As we look to the future, the area is poised for continued growth in property values and rental prices, reflecting its enduring appeal as a residential community.
