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Average Home Values and Ownership in Zip Code 19118: A Decade of Resilient Growth
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
Philadelphia's zip code 19118 presents an intriguing case study of housing dynamics in an urban setting. This area has experienced notable shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 19118 has shown a moderate decline from 2013 to 2019, dropping from 53% to 48%. However, there was a reversal of this trend in recent years, with homeownership rising to 54% by 2022. This fluctuation coincides with significant changes in average home prices. In 2013, the average home price was $451,205, which steadily increased to $736,720 by 2022, representing a substantial 63.3% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2017, as interest rates remained historically low (below 1%), homeownership rates declined slightly. However, as interest rates began to rise more significantly from 2018 onwards, homeownership rates stabilized and then increased. This suggests that other local factors, such as job market conditions or housing supply, may have played a more significant role in homeownership decisions in this area than interest rates alone.
Renter percentages in zip code 19118 showed an inverse relationship to homeownership rates, naturally increasing from 47% in 2013 to 52% in 2019, before declining to 46% in 2022. Average rent prices demonstrated a general upward trend during this period, rising from $1,440 in 2013 to $1,626 in 2022, an increase of 12.9%. It's worth noting that the population in this zip code grew from 10,391 in 2013 to 11,327 in 2022, which likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, average home prices in zip code 19118 continued their upward trajectory, reaching $754,494 in 2023 and $777,875 in 2024. This represents a 5.6% increase from 2022 to 2024, despite the sharp rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust local housing market that has maintained growth even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 19118 may continue to appreciate, albeit at a potentially slower rate due to higher interest rates. Over the next five years, average home prices could potentially reach the $850,000 to $900,000 range. Average rent prices are also expected to continue their upward trend, potentially reaching around $1,800 to $1,900 per month within the next five years, driven by ongoing population growth and housing demand in the area.
In summary, zip code 19118 has demonstrated resilience in its housing market, with a recent uptick in homeownership rates despite rising home prices. The area has shown the ability to attract both homeowners and renters, maintaining a relatively balanced housing mix. The continued appreciation of property values, even in the face of rising interest rates, suggests a strong local economy and desirable living conditions that are likely to sustain housing demand in the coming years.
