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Average Home Values and Ownership in Zip Code 19076: Resilience Amid Rising Prices in Prospect Park
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 19076, located in Prospect Park, Pennsylvania, has experienced notable shifts in homeownership and housing prices over the past decade. This small, densely populated area of just 0.75 square miles has seen fluctuations in its ownership and rental markets, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 19076 has shown a general upward trend from 2013 to 2019, with some fluctuations. In 2013, the ownership rate was 61%, which increased to a peak of 66% in 2019. However, there was a slight decline to 60% by 2022. This trend correlates interestingly with the average home prices in the area. From 2013 to 2019, average home prices rose steadily from $151,110 to $178,851, an increase of about 18.4%. This suggests that as property values increased, more residents were able to or chose to become homeowners.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2015, when interest rates were exceptionally low (ranging from 0.11% to 0.13%), homeownership in the zip code increased from 61% to 64%. This aligns with the general principle that lower interest rates make mortgages more affordable, encouraging homeownership. However, even as interest rates began to rise from 2016 onwards, homeownership in the area continued to increase, reaching its peak in 2019 when the federal interest rate was 2.16%.
Renter percentages in zip code 19076 have generally mirrored the inverse of homeownership rates. In 2013, 39% of residents were renters, which decreased to a low of 34% in 2019 before rising again to 40% in 2022. Average rent prices have shown a consistent upward trend, increasing from $967 in 2013 to $1,076 in 2022, a rise of about 11.3%. Interestingly, the highest average rent of $1,117 was recorded in 2019 when the renter percentage was at its lowest, suggesting a potential correlation between reduced rental supply and increased prices.
In 2023 and 2024, average home prices in zip code 19076 continued their upward trajectory, reaching $263,219 in 2023 and $276,178 in 2024. This represents a significant increase of about 9.8% from 2022 to 2024. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 19076 may continue to rise over the next five years, potentially reaching around $320,000 by 2029. Average rent prices could also see a moderate increase, potentially approaching $1,200 per month. However, these projections assume relatively stable economic conditions and do not account for potential major market disruptions.
In summary, zip code 19076 has demonstrated a complex interplay between homeownership rates, average home prices, and rental market dynamics. The area has seen a general trend towards increased homeownership and rising property values, with some recent shifts possibly influenced by changing economic conditions and interest rates. The coming years may bring further changes as the market responds to current high interest rates and continuing price increases in both the ownership and rental sectors.
