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Average Home Values and Ownership in Zip Code 19341: Exton's Shifting Housing Landscape
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
Exton, located in zip code 19341 in Pennsylvania, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in the area.
The homeownership rate in Exton has shown a steady decline from 2013 to 2022. In 2013, 66% of residents owned their homes, but by 2022, this figure had dropped to 56%. Conversely, the percentage of renters increased from 30% in 2013 to 44% in 2022. This shift coincided with a substantial increase in average home prices. In 2013, the average home price was $323,557, which rose to $508,438 by 2022, representing a 57% increase over nine years.
The relationship between federal interest rates and homeownership rates in Exton demonstrates some interesting patterns. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained stable at 65-66%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates declined steadily. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
As the renter population grew, average rent prices also increased significantly. In 2013, the average rent was $1,550, which climbed to $1,773 by 2022, a 14.4% increase. This rise in rent prices occurred alongside a population growth from 17,864 in 2013 to 20,797 in 2022, suggesting increased demand for rental properties in the area.
In 2023 and 2024, the housing market in Exton continued to evolve. The average home price in 2023 reached $539,430, a 6.1% increase from 2022. By 2024, it further rose to $566,032, representing a 4.9% increase from the previous year. These increases occurred despite higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $750,000 by 2029. Average rent prices are expected to rise by 3-5% per year, potentially reaching $2,100 by 2029.
In summary, Exton has experienced a shift towards a renter-majority market, with declining homeownership rates and rising average home and rent prices. The area's population growth and economic factors have contributed to these trends, creating a dynamic and evolving housing market in zip code 19341.
