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Average Home Values and Ownership in Zip Code 19146: A Decade of Growth in Philadelphia's Vibrant Neighborhood
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 19146, located in Philadelphia, Pennsylvania, has experienced significant changes in its real estate landscape over the past decade. This area, known for its vibrant community and proximity to Center City, has seen fluctuations in homeownership rates and substantial increases in both average home prices and average rent prices.
The homeownership rate in zip code 19146 has shown a slight upward trend from 2013 to 2019, rising from 49% to 53%. This increase coincided with a substantial rise in average home prices, which grew from $207,534 in 2013 to $364,513 in 2019, representing a 75.6% increase. The relationship between homeownership rates and average home prices suggests that despite rising costs, more residents were able to purchase homes during this period.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), the homeownership rate in zip code 19146 increased from 49% to 51%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise in 2017 and 2018, homeownership in the area continued to increase, reaching 53% by 2018, indicating other factors were also influencing homeownership decisions.
Renter percentages in zip code 19146 have shown a slight downward trend, decreasing from 51% in 2013 to 47% in 2019. Despite this decrease, average rent prices have steadily increased. In 2013, the average rent was $1,174, which rose to $1,402 by 2019, marking a 19.4% increase. This trend suggests that while fewer residents were renting, those who did rent were facing higher costs. The population growth in the area, from 35,281 in 2013 to 39,189 in 2019, likely contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, the average home prices in zip code 19146 showed a slight decline followed by a modest increase. The average home price in 2023 was $389,327, dropping from $400,217 in 2022. However, in 2024, the price rebounded slightly to $394,056. This recent trend coincides with higher interest rates, which reached 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 zip code 19146 may continue to experience moderate growth over the next five years, albeit at a slower pace than observed in the previous decade. Average rent prices are also expected to follow an upward trajectory, driven by the area's continued popularity and population growth. However, the rate of increase may be tempered by economic factors and potential new housing developments.
In summary, zip code 19146 has demonstrated resilience in its real estate market, with increasing homeownership rates despite rising home prices. The area has seen substantial appreciation in property values and rent prices, reflecting its desirability. While recent data shows a slight cooling in the housing market, the overall trend suggests continued growth, albeit at a more moderate pace. The interplay between interest rates, population growth, and housing demand will likely continue to shape the real estate dynamics in this Philadelphia neighborhood.
