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Fluctuations in Average Home Values and Ownership: A Decade of Change in Philadelphia's 19102 Zip Code
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
Philadelphia's zip code 19102 is a vibrant urban area located in the heart of the city. This densely populated district has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. The area has predominantly been renter-occupied, with homeownership rates fluctuating between 19% and 25% from 2013 to 2022.
The homeownership rate in zip code 19102 has shown some variability over the years, with a general upward trend from 2013 to 2018, followed by a slight decline. In 2013, the homeownership rate was 19%, increasing to 25% by 2018. However, by 2022, it had decreased to 22%. Interestingly, this trend doesn't consistently align with the average home prices in the area. Average home prices rose from $358,812 in 2013 to a peak of $406,603 in 2018, corresponding with the peak in homeownership. However, prices then began to decline, reaching $367,928 in 2022, while homeownership rates remained relatively stable.
Federal interest rates appear to have had some influence on homeownership rates in this zip code. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership increased from 19% to 23%. As interest rates began to rise more significantly from 2016 onwards, homeownership rates stabilized and then slightly declined. This suggests that lower interest rates may have encouraged more people to buy homes in this area due to more affordable financing options.
Renter percentages in zip code 19102 have remained high throughout the observed period, ranging from 74% to 81%. The renter percentage was highest in 2013 at 81% and lowest in 2018 at 74%, inversely mirroring the homeownership trends. Average rent prices have shown a general upward trend, increasing from $1,892 in 2013 to $2,155 in 2022, representing a 13.9% increase over this period. This rise in rent prices occurred alongside a significant population increase, from 4,061 in 2013 to 5,388 in 2022, suggesting strong demand for rental properties in this area.
Looking at the most recent data, average home prices in zip code 19102 continued to decline in 2023 and 2024, reaching $346,799 and $346,527 respectively. This represents a 5.7% decrease from 2022 to 2023, and a slight further decrease of 0.1% from 2023 to 2024. Interestingly, this decline occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests that other local market factors are likely influencing home prices in this area more strongly than interest rates alone.
Based on the observed trends, we can make some predictions for the next five years. Average home prices may continue to stabilize or slightly decrease in the short term, given the recent downward trend and high interest rates. However, as the market adjusts, we might see a gradual increase in prices over the medium term, especially if interest rates begin to decrease. Average rent prices are likely to continue their upward trajectory, driven by the area's high renter population and increasing demand. We might expect to see average rents exceed $2,300 by 2029 if current trends persist.
In summary, zip code 19102 presents a dynamic real estate market characterized by high renter occupancy and fluctuating home prices. The area has seen a general increase in population and rent prices over the past decade, while homeownership rates and home prices have shown more variability. Recent data suggests a cooling in the housing market, but the rental market remains strong. These trends reflect the complex interplay of population growth, economic factors, and housing preferences in this urban Philadelphia neighborhood.
