Loading Content...
Average Home Values and Ownership in Zip Code 19352: Lincoln University's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lincoln University, located in zip code 19352 in Pennsylvania, is a community characterized by a strong preference for homeownership and steadily increasing property values. This area has experienced notable changes in its housing market over the past decade, with significant shifts in both ownership rates and average home prices.
The ownership percentage in zip code 19352 has remained consistently high, fluctuating between 89% and 93% from 2013 to 2022. This strong preference for homeownership is evident despite the substantial increase in average home prices during this period. In 2013, the average home price was $296,171, and by 2022, it had risen to $479,394, representing a remarkable 61.9% increase over nine years. Notably, the highest ownership rate of 93% was recorded in 2020 when the average home price was $373,269, suggesting that rising property values did not deter homeownership in this area.
The relationship between federal interest rates and homeownership rates in zip code 19352 appears to follow the general trend of lower interest rates encouraging homeownership. For instance, in 2020, when the federal interest rate dropped to 0.38%, the area saw its peak homeownership rate of 93%. Conversely, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 92%, though this rate still remained high compared to previous years.
Renter percentages in zip code 19352 have remained relatively low, ranging from 7% to 11% between 2013 and 2022. The average rent prices have shown some volatility during this period. In 2013, the average rent was $1,162, which peaked at $1,521 in 2017 before decreasing to $1,116 in 2022. Interestingly, the highest renter percentage of 11% was observed in 2015 and 2018-2019, coinciding with average rent prices of $1,175 and $1,327 respectively. This suggests that rent prices may have some influence on the renter population, but other factors likely play a role as well.
In 2023 and 2024, the housing market in zip code 19352 continued to show strength. The average home price reached $504,426 in 2023 and further increased to $525,992 in 2024, representing a 4.3% and 9.7% increase from 2022, respectively. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in zip code 19352 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to stabilize or show modest increases, reflecting the area's strong preference for homeownership and limited rental market.
In summary, zip code 19352 demonstrates a housing market characterized by high homeownership rates, steadily increasing property values, and a relatively small but stable rental sector. The area has shown resilience to economic factors such as rising interest rates, suggesting a strong local economy and desirable living conditions that continue to attract homeowners despite increasing costs.
