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Average Home Values and Ownership in Zip Code 19428: A Decade of Growth in Conshohocken
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
Conshohocken, located in zip code 19428 in Pennsylvania, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in the area. The homeownership rate in Conshohocken has remained relatively stable over the years, with slight fluctuations. In 2013, the homeownership rate was 55%, and it remained at that level in 2022. However, there were some variations in between, with the rate dropping to 52% in 2019 before recovering. During this same period, average home prices in the area showed a consistent upward trend. In 2013, the average home price was $278,457, and by 2022, it had risen to $417,592, representing a substantial increase of 50% over nine years.
The federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 2.16%. This period coincided with the steady increase in average home prices, as lower interest rates made mortgages more affordable for potential homebuyers. However, despite these favorable lending conditions, the homeownership rate in Conshohocken did not see a significant increase, suggesting that other factors such as housing availability and local economic conditions may have influenced homeownership decisions.
Regarding rental trends, the percentage of renters in Conshohocken has shown a slight increase over time. In 2013, 43% of residents were renters, and by 2022, this figure had risen to 45%. Concurrently, average rent prices experienced a notable upward trend. In 2013, the average rent was $1,337, and by 2022, it had increased to $1,550, representing a 16% rise over nine years. This increase in both renter percentage and average rent prices could be attributed to the growing population, which rose from 16,539 in 2013 to 19,315 in 2022, potentially increasing demand for rental properties.
As of 2024, the average home price in Conshohocken has reached $459,177, continuing the upward trend observed in previous years. This represents a 10% increase from the 2022 average price of $417,592. The federal interest rate in 2024 stands at 5.33%, significantly higher than the rates seen in the previous decade. This increase in interest rates could potentially impact homeownership rates and home price growth in the coming years.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Conshohocken are likely to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and demand for housing in the area. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, Conshohocken has experienced stable homeownership rates, steadily increasing average home prices, and rising average rent prices over the past decade. The interplay between federal interest rates, population growth, and local economic factors has shaped these trends. As the community continues to evolve, it will be important to monitor how these housing market dynamics impact the overall affordability and accessibility of housing in the area.
