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Average Home Values and Ownership in Zip Code 19145: A Decade of Growth Near the Delaware River
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 zip code 19145, located in the heart of the city, has experienced notable shifts in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19145 has remained relatively stable, hovering around 59% from 2013 to 2022. In 2013, the average home price was $121,072, and the homeownership rate was 57%. As average home prices steadily increased, reaching $248,748 in 2022, the homeownership rate showed resilience, maintaining at 58%. This suggests that despite rising home values, residents in this area have managed to maintain their ability to own homes.
Federal interest rates have played a significant role in shaping homeownership trends. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 57%. As interest rates remained low through 2020 (0.38%), homeownership rates slightly increased to 58%. This aligns with the general trend that lower interest rates encourage homeownership due to more affordable financing options. However, the sharp increase in interest rates to 1.68% in 2022 did not significantly impact the homeownership rate, which remained at 58%, demonstrating the area's resilience to short-term interest rate fluctuations.
Renter percentages and average rent prices in zip code 19145 have shown an interesting correlation. In 2013, 43% of residents were renters, with an average rent of $982. By 2022, the renter percentage had slightly decreased to 42%, while the average rent had increased to $1,138. This suggests that despite rising rents, the area has maintained its appeal to renters. The population in the zip code has decreased from 48,724 in 2013 to 45,230 in 2022, which may have contributed to the slight decrease in renter percentage.
Moving to the present, in 2023, the average home price in zip code 19145 slightly decreased to $246,282, with interest rates rising significantly to 5.02%. In 2024, we see a minor rebound in average home prices to $249,743, while interest rates have further increased to 5.33%. These figures indicate a resilient housing market in the face of rising interest rates, suggesting strong underlying demand for homes in this area.
Looking ahead, predictive models forecast a continued upward trend in both average home and rent prices over the next five years. Average home prices are expected to surpass $260,000 by 2029, while average rents could reach $1,300 per month. These projections are based on historical trends and current market conditions, assuming relatively stable economic factors.
In summary, zip code 19145 in Philadelphia has demonstrated remarkable stability in homeownership rates despite significant increases in average home prices. The area has weathered rising interest rates and maintained a balance between owners and renters. The slight decrease in population has not significantly impacted housing demand, as evidenced by rising home values and rents. As we look to the future, this zip code appears poised for continued growth in its real estate market, making it an area of interest for both homeowners and investors.
