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Home Values and Ownership in Zip Code 19094: Woodlyn's Dynamic Real Estate Market
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
Woodlyn, situated in zip code 19094 in Pennsylvania, offers an intriguing study of suburban housing dynamics. This analysis examines the trends in homeownership rates, average home prices, and average rent prices over the past decade, revealing significant changes in the local real estate market. The homeownership rate in Woodlyn has fluctuated between 2013 and 2022, showing an overall upward trend. In 2013, the homeownership rate was 64%, which increased to 69% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. The average home price in 2013 was $151,419, which steadily rose to $256,339 by 2022, representing a 69% increase over this period. The relationship between federal interest rates and homeownership rates in Woodlyn displays an interesting pattern. Despite low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 63-67%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased, peaking at 70% in 2019 before settling at 69% in 2022. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in this area.
Renter percentages in Woodlyn have generally decreased as homeownership rates increased. In 2013, 36% of residents were renters, which decreased to 31% by 2022. Interestingly, average rent prices have shown an upward trend despite this decrease in renter percentage. The average rent price rose from $867 in 2013 to $1,040 in 2022, a 20% increase. This trend suggests that despite fewer renters, the rental market has remained competitive, possibly due to factors such as improved rental property quality or increased demand for high-end rentals.
The most recent data shows that the average home price in Woodlyn continued its upward trajectory, reaching $268,106 in 2023 and $280,450 in 2024. This represents a 9.4% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homebuying affordability and future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Woodlyn will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $320,000 to $340,000. For rent prices, the forecast suggests a continued upward trend, with average rents potentially reaching $1,200 to $1,300 by 2029.
In summary, Woodlyn has experienced a notable increase in homeownership rates and a significant rise in both average home prices and rent prices over the past decade. The area has shown resilience in maintaining high homeownership rates even in the face of rising interest rates. The continued increase in both home prices and rent prices suggests a strong demand for housing in this zip code, potentially driven by its suburban appeal and proximity to urban centers. As we move forward, the interplay between rising home prices, higher interest rates, and local economic factors will be crucial in shaping the future of Woodlyn's housing market.
