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Average Home Values and Ownership in Zip Code 19425: Eagle's Resilient Housing Market
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 19425, located in Eagle, Pennsylvania, has experienced significant growth and change over the past decade. This area has seen a notable increase in population and housing values, with a strong trend towards homeownership. The ownership percentage has remained consistently high, while average home prices have shown substantial appreciation. Average rent prices have also increased, albeit with some fluctuations.
The homeownership rate in zip code 19425 has remained remarkably stable and high, ranging from 86% to 91% between 2013 and 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $411,154, which rose to $634,006 by 2022, representing a significant 54.2% increase over 12 years. The year 2021 saw a particularly sharp rise in home values, with prices jumping from $494,958 in 2020 to $554,769, a 12.1% increase in just one year.
Federal interest rates have played a role in homeownership trends in the area. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 2.16%. These low rates likely contributed to the high homeownership rates by making mortgages more affordable. However, despite the significant increase in interest rates to 1.68% in 2022 and 5.02% in 2023, homeownership in zip code 19425 remained strong at 86% in 2022, suggesting other factors such as local economic conditions and housing preferences are also influential.
The renter population in zip code 19425 has remained relatively small, fluctuating between 8% and 14% from 2013 to 2022. Average rent prices have shown an overall upward trend, albeit with some volatility. In 2013, the average rent was $1,905, which increased to $2,085 by 2022, representing a 9.4% rise over nine years. Notably, there was a significant jump in average rent from $1,944 in 2019 to $2,270 in 2020, a 16.8% increase, possibly influenced by the growing population, which rose from 14,723 to 15,474 during the same period.
As of 2024, the average home price in zip code 19425 has reached $701,763, showing continued appreciation from the $673,457 recorded in 2023. This represents a 4.2% increase year-over-year. The federal interest rate stands at 5.33% in 2024, slightly higher than the 5.02% in 2023, indicating a stabilization of monetary policy after the significant increases from the near-zero rates of the early 2020s.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 19425 to continue their upward trajectory. Projecting the current growth rate, we might see average home prices reaching approximately $860,000 by 2029. Average rent prices are also likely to increase, potentially reaching around $2,400 by 2029, assuming a steady growth rate similar to recent years.
In summary, zip code 19425 has demonstrated a robust housing market characterized by high homeownership rates and steadily appreciating property values. Despite rising interest rates, the area has maintained its appeal to homeowners. The rental market, while smaller, has also shown growth in both prices and occupancy rates. These trends, coupled with the area's population growth, suggest a continued strong and dynamic real estate market in Eagle, Pennsylvania for the foreseeable future.
