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Average Home Values and Ownership in Zip Code 19503: A Decade of Change in Bally, Pennsylvania
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 19503, located in Bally, Pennsylvania, has experienced significant fluctuations in population and housing trends over the past decade. This small community, covering just 1.4 square miles, has seen notable shifts in homeownership rates and property values, reflecting broader economic and demographic changes.
The homeownership rate in zip code 19503 has shown a gradual decline from 2013 to 2022. In 2013, 84% of residents owned their homes, but by 2022, this figure had decreased to 74%. Concurrently, average home prices have demonstrated a steady upward trend. In 2013, the average home price was $159,215, which increased to $245,080 by 2022, representing a substantial 53.9% rise over this period.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 83-85%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decline in homeownership rates, dropping to 74% by 2022.
The renter population in zip code 19503 has seen a steady increase, rising from 16% in 2013 to 26% in 2022. This trend coincides with a general increase in average rent prices. In 2013, the average rent was $974, which rose to $1,052 by 2022, marking an 8% increase. It's worth noting that the population fluctuated during this period, peaking at 1,479 in 2019 before declining to 1,248 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in zip code 19503 continued to rise, reaching $262,423 in 2023 and further increasing to $272,436 in 2024. This represents a 7.1% year-over-year increase from 2022 to 2023, and a 3.8% increase from 2023 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19503 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $300,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching around $1,200 per month by 2029, assuming current economic conditions and population trends persist.
In summary, zip code 19503 has experienced a shift towards a higher proportion of renters over the past decade, coupled with significant increases in both home values and rent prices. The interplay between federal interest rates, homeownership rates, and property values highlights the complex dynamics shaping this local real estate market. As the community continues to evolve, these trends will likely play a crucial role in determining future housing affordability and demographic composition in the area.
