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Logan Square: Rising Home Values and Shifting Ownership Trends in Philadelphia's Iconic Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Logan Square, a vibrant neighborhood in Philadelphia, Pennsylvania, has experienced significant changes in its housing market over the past decade. Known for its central location and iconic Swann Memorial Fountain, the area has seen fluctuating homeownership rates and steadily increasing average home and rent prices. From 2013 to 2022, Logan Square's homeownership rates slightly declined from 23% to 23%, while average home prices rose substantially from $340,282 to $489,642, representing a 43.9% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Logan Square. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 23%. As interest rates remained low through 2020 (0.38%), homeownership rates fluctuated slightly, reaching 25% in 2020. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate decreased to 23%, indicating that higher borrowing costs may have deterred potential buyers.
Renter percentages in Logan Square have increased from 73% in 2013 to 77% in 2022. This trend coincided with rising average rent prices, which grew from $1,742 in 2013 to $1,954 in 2022, an increase of 12.2%. The population of Logan Square also increased during this period, from 10,688 in 2013 to 13,182 in 2022, suggesting that the neighborhood's growth may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023, average home prices in Logan Square decreased to $467,381, a 4.5% drop from the previous year. This trend continued into 2024, with average home prices further declining to $460,978. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially contributing to the cooling of the housing market.
Looking ahead, based on recent trends and current economic conditions, it is projected that average home prices in Logan Square may continue to experience a slight decline or stabilize over the next five years. However, given the neighborhood's desirability and overall long-term appreciation, prices are likely to recover and show modest growth by the end of this period. Average rent prices are expected to continue their upward trajectory, albeit at a more moderate pace, potentially reaching around $2,200 by 2029.
In summary, Logan Square has demonstrated a trend of increasing property values and rent prices over the past decade, accompanied by a shift towards a higher percentage of renters. Recent data suggests a potential cooling in the housing market, influenced by rising interest rates. However, the neighborhood's central location and continued population growth indicate that it will likely remain a desirable area, supporting long-term stability in its housing market.
