Loading Content...
Average Home Values and Ownership in Zip Code 19609: West Wyomissing's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Wyomissing, located in zip code 19609 in Pennsylvania, is a community that has experienced notable shifts in its housing market over the past decade. The area has maintained a high rate of homeownership, with average home prices showing a consistent upward trend, while rental rates and prices have fluctuated. The homeownership rate in West Wyomissing has remained relatively stable, hovering around 80-84% from 2013 to 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $139,389, and it rose consistently year over year, reaching $233,715 by 2022. This represents a substantial 67.7% increase over the nine-year period. The stability in homeownership rates despite rising prices suggests a strong local economy and continued desire for property ownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained extremely low, ranging from 0.09% to 0.4%. During this period, homeownership rates in West Wyomissing increased slightly from 82% to 83%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates remained steady at 83%, indicating resilience in the local housing market.
Renter percentages in West Wyomissing have fluctuated between 16% and 21% from 2013 to 2022. Interestingly, average rent prices have shown an overall upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $1,179, which increased to $1,283 by 2022, representing an 8.8% rise. The population of the area has also seen changes, growing from 9,813 in 2013 to 10,924 in 2022, potentially contributing to the increased demand for rental properties and subsequent rise in rent prices.
Looking at more recent data, the average home price in West Wyomissing continued its upward trajectory, reaching $250,932 in 2023 and further increasing to $264,731 in 2024. This represents a 13.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in West Wyomissing will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,400 by 2029. However, these projections may be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, West Wyomissing has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has maintained a strong preference for homeownership despite rising property values and fluctuating interest rates. Rental markets have shown more variability, with moderate increases in average rent prices. The recent surge in federal interest rates and continued rise in home prices suggest that affordability may become a more significant factor in the local housing market in the coming years.
