Loading Content...
Average Home Values and Ownership in Zip Code 19152: A Decade of Change Near Northeast Philadelphia Airport
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 19152, located in Philadelphia, Pennsylvania, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of decreasing homeownership and increasing housing costs, reflecting broader urban real estate dynamics.
The homeownership rate in zip code 19152 has shown a gradual decline from 65% in 2013 to 60% in 2022. This decrease coincides with a substantial increase in average home prices, which rose from $171,035 in 2013 to $307,406 in 2022, representing a remarkable 79.7% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, which coincided with relatively stable homeownership rates around 60-62%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates remained steady at 62%, possibly due to the strong economy offsetting higher borrowing costs. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) did not lead to increased homeownership, likely due to rapidly escalating home prices during this period.
Renter percentages in zip code 19152 have increased from 35% in 2013 to 40% in 2022, mirroring the decline in homeownership. Average rent prices have also risen, though not as dramatically as home prices. In 2013, the average rent was $959, increasing to $1,043 by 2022, a 8.8% increase. This relatively modest rise in rent compared to home prices may have made renting a more attractive option for some residents, contributing to the shift towards higher renter occupancy.
As of 2024, the average home price in zip code 19152 stands at $310,674, showing continued appreciation from the 2022 figure. The federal interest rate for 2024 is 5.33%, significantly higher than in recent years. This combination of high home prices and increased interest rates may further impact homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 19152 may continue to rise over the next five years, potentially reaching around $340,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections indicate a continuation of the area's trend towards higher housing costs.
In summary, zip code 19152 has experienced a shift towards more renters and fewer homeowners over the past decade, driven by rapidly increasing home prices and fluctuating interest rates. The substantial rise in average home prices, outpacing rent increases, has likely contributed to this trend. As housing costs continue to climb, this area may see further changes in its residential makeup, with potential implications for community dynamics and local real estate markets.
