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Average Home Values and Ownership in Zip Code 19512: A Decade of Resilience Amid Rising Prices
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 19512, located in New Berlinville, Pennsylvania, has experienced notable changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 19512 has shown some variability between 2013 and 2022. In 2013, the homeownership rate was 74%, which increased to a peak of 79% in 2019. However, by 2022, it had decreased to 73%. During this same period, average home prices in the area saw a significant increase. In 2013, the average home price was $175,373, which rose steadily to reach $277,847 in 2022, representing a 58.4% increase over nine years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates increased from 74% to 77%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some fluctuation but ultimately decreased to 73% by 2022.
Renter percentages in zip code 19512 have inversely mirrored homeownership rates, ranging from a low of 21% in 2019 to a high of 27% in 2022. Average rent prices have shown some volatility over the years. In 2013, the average rent was $1,082, which increased to $1,129 in 2016. However, by 2022, average rent had decreased to $1,004, representing a 7.2% decrease from 2013 levels. This trend in rent prices doesn't directly correlate with the changes in renter percentages, suggesting other factors such as local economic conditions or housing supply may be influencing rent prices.
In 2023 and 2024, the housing market in zip code 19512 continued to evolve. The average home price reached $292,249 in 2023 and further increased to $307,217 in 2024, representing a 10.6% increase over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 19512. If the current trajectory continues, average home prices could potentially reach around $375,000 by 2029. However, rent prices may show more modest growth, potentially reaching approximately $1,100 by 2029, assuming a gradual increase from the 2022 levels.
In summary, zip code 19512 has experienced a notable increase in average home prices over the past decade, despite some fluctuations in homeownership rates. The inverse relationship between homeownership and renter percentages reflects changing market dynamics. The recent sharp rise in federal interest rates may impact future homeownership trends. Average rent prices have shown some volatility but have generally remained more stable compared to home prices. These trends suggest a complex and evolving housing market in the area, influenced by various economic factors and local conditions.
