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Average Home Values and Ownership in Zip Code 19344: A Decade of Growth in Honey Brook
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 19344, located in Honey Brook, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices and fluctuating homeownership rates, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 19344 has shown some variability over the years. In 2013, the homeownership rate stood at 79%, remaining stable through 2014. However, there was a slight decline to 76% from 2015 to 2017. The rate then increased to 77% in 2018, before dropping to 74% in 2019 and 2020. Interestingly, there was a significant increase to 78% in 2022, indicating a recent surge in homeownership. During this same period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $230,644, which steadily increased to $279,750 by 2019. The following years saw more substantial increases, with the average home price reaching $370,750 in 2022, representing a 60.7% increase from 2013 to 2022.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), which coincided with high homeownership rates of 79% to 76%. As interest rates began to rise more significantly from 2016 (0.4%) to 2019 (2.16%), we observed a slight decline in homeownership rates to 74% by 2019. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) may have contributed to the subsequent increase in homeownership to 78% by 2022, despite rising home prices.
Renter percentages in zip code 19344 have generally mirrored the inverse of homeownership rates. The renter population increased from 21% in 2013 to 24% in 2015, remaining stable until 2017. It then increased to 26% in 2019 and 2020, before decreasing to 22% in 2022. Average rent prices have shown some fluctuation over this period. In 2013, the average rent was $1,104, which decreased to $1,066 in 2014 before rising again. There was a significant jump to $1,209 in 2016, followed by some variability. By 2022, the average rent had settled at $1,115, representing only a modest 1% increase from 2013 levels, despite the area's population growth from 11,887 in 2013 to 12,801 in 2022.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 19344. The average home price reached $385,462 in 2023 and further increased to $405,269 in 2024. This represents a substantial 9.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels since 2007.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in zip code 19344 will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $450,000 to $475,000 by 2029. Average rent prices, which have shown more stability, may see moderate increases, potentially reaching $1,200 to $1,300 by 2029, driven by population growth and housing demand.
In summary, zip code 19344 has demonstrated a robust housing market with steadily increasing average home prices and a recent rebound in homeownership rates. The area has shown resilience in the face of changing economic conditions, with home values appreciating significantly over the past decade. While rent prices have remained relatively stable, the interplay between homeownership rates, housing prices, and interest rates suggests a dynamic and evolving real estate landscape in this Pennsylvania community.
