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Average Home Values and Ownership in Zip Code 19372: Thorndale's Decade of Growth
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 19372, located in Thorndale, Pennsylvania, is a small but dynamic area covering just 0.92 square miles. This compact community has experienced notable shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 19372 has shown considerable fluctuation between 2013 and 2022. Starting at 75% in 2013, it dipped to 72% in 2014 and 2015, before rising to 81% from 2018 to 2021. However, in 2022, it returned to 75%. Concurrently, average home prices have demonstrated a consistent upward trend. In 2013, the average home price was $213,728, which steadily increased to $355,424 by 2022, representing a substantial 66.3% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained stable at 72-75%. As interest rates began to rise gradually from 2016 to 2019 (0.4% to 2.16%), homeownership rates actually increased to 81%. This suggests that other local factors may have had a stronger influence on homeownership than interest rates during this period.
Renter percentages in zip code 19372 have mirrored the inverse of homeownership trends, naturally. The renter population peaked at 28% in 2014 and 2015, coinciding with the lowest homeownership rates. As for average rent prices, they have shown some volatility. Starting at $1,615 in 2013, they reached a high of $1,766 in 2021 before dropping to $1,383 in 2022, a significant 21.7% decrease in just one year. This sharp decline in average rent could be attributed to various factors, including changes in local housing supply or economic conditions affecting the rental market.
In 2023 and 2024, average home prices in zip code 19372 continued their upward trajectory. The average home price reached $371,341 in 2023 and further increased to $387,216 in 2024, representing a 4.5% year-over-year growth. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. If the current growth rate in average home prices continues, we might see values approaching $450,000 by 2029. However, the high interest rates could moderate this growth. For rent prices, the recent volatility makes predictions more challenging, but a conservative estimate might place average rents between $1,400 and $1,800, assuming a stabilization of the local rental market.
In summary, zip code 19372 has experienced a general trend of increasing homeownership rates and rising average home prices over the past decade, despite some fluctuations. The recent spike in interest rates, coupled with the continued growth in home values, may present challenges for potential homebuyers in the coming years. The rental market, while more volatile, has shown resilience and could potentially stabilize or grow moderately in the near future.
