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Average Home Values Soar in Zip Code 19319: Cheyney University'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
Zip code 19319, located in Cheyney University, Pennsylvania, is a small area spanning just 0.36 square miles. This unique location, home to Cheyney University, has experienced significant changes in homeownership rates and property values over the past decade. The area has seen a general trend of increasing homeownership, fluctuating average home prices, and declining average rent prices.
The homeownership rate in zip code 19319 has shown a notable upward trend, rising from 78% in 2013 to 82% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2015, the average home price was $415,313, which steadily increased to $586,947 by 2022, representing a 41.3% increase over seven years. This trend suggests that despite rising home prices, more residents in the area were able to become homeowners.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. From 2013 to 2022, interest rates remained relatively low, ranging from 0.11% to 1.68%. This period of low interest rates likely contributed to the increased homeownership rates, as it made financing more accessible and affordable for potential buyers. For instance, the homeownership rate peaked at 83% in 2019 when the interest rate was 2.16%, and remained high at 82% in 2022 despite a slight increase in interest rates to 1.68%.
Conversely, the percentage of renters in zip code 19319 has generally decreased over time, from 22% in 2013 to 18% in 2022. This decline in renters corresponded with a decrease in average rent prices. The average rent price fell from $2,250 in 2013 to $1,895 in 2022, a 15.8% decrease. This trend might be attributed to the shrinking population, which declined from 329 in 2013 to 206 in 2022, potentially reducing demand for rental properties.
In 2023 and 2024, the housing market in zip code 19319 continued to evolve. The average home price rose to $621,126 in 2023 and further increased to $647,024 in 2024, marking a 10.2% growth over two years. This price appreciation occurred despite a significant jump in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 19319 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have been declining, might stabilize or see modest increases as the rental market adjusts to changing demand and economic conditions. However, these projections are subject to various economic factors and local market dynamics.
In summary, zip code 19319 has experienced a notable increase in homeownership rates and average home prices over the past decade, while seeing a decrease in the renter population and average rent prices. The area has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. These trends reflect the unique characteristics of this small, university-centered community and its evolving housing landscape.
