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Ogontz Housing Market: Rising Home Values and Shifting Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ogontz, a Philadelphia neighborhood, has experienced significant changes in its housing market over the past decade. The area has seen a substantial increase in average home prices alongside a decline in homeownership rates, reflecting broader economic trends and local market dynamics. From 2013 to 2022, Ogontz witnessed a gradual decline in homeownership rates. In 2013, 59% of housing units were owner-occupied, a figure that remained relatively stable until peaking at 62% in 2018. However, by 2022, this rate had decreased to 54%. Concurrently, average home prices in the neighborhood saw a dramatic rise. In 2013, the average home price in Ogontz was $63,920, but by 2022, this figure had surged to $161,278, representing a remarkable 152% increase over nine years. The relationship between federal interest rates and homeownership rates in Ogontz generally followed trends seen in many housing markets. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable at 59%. As interest rates began to rise more sharply from 2017 (1.00%) to 2019 (2.16%), homeownership rates showed slight fluctuations but remained relatively steady. However, the significant drop in homeownership to 54% in 2021 and 2022 occurred despite low interest rates, suggesting other local factors were at play.
Renter percentages in Ogontz have shown an inverse relationship to homeownership rates. In 2013, 39% of housing units were renter-occupied, a figure that remained constant until 2020. By 2022, the percentage of renters had increased to 46%. This rise in renters coincides with an overall increase in average rent prices, albeit with some fluctuations. In 2013, the average rent was $721 per month. It peaked at $1,029 in 2015 before settling at $836 in 2022, representing a 16% increase from 2013 to 2022. The population of Ogontz has remained relatively stable during this period, ranging from about 13,500 to 15,500 residents, which suggests that the increase in renters is likely due to shifts in housing preferences or affordability rather than significant population growth.
Recent data shows a cooling trend in Ogontz's housing market. The average home price decreased to $148,262 in 2023 and further to $144,361 in 2024, despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This trend suggests a cooling in the local housing market, possibly due to broader economic factors or local market conditions.
Predictive models forecasting 5-year trends anticipate continued fluctuations in both average home prices and rent prices. Home prices may experience a period of stabilization or slight decline in the short term, followed by modest growth as the market adjusts to higher interest rates and economic conditions. Rent prices are likely to continue their upward trajectory, albeit at a more moderate pace, driven by the increasing preference for renting in the area.
In conclusion, Ogontz has experienced a shift towards renting over the past decade, with homeownership rates declining and average home prices increasing substantially. The recent cooling of home prices, coupled with rising interest rates, suggests a potential rebalancing of the housing market. The rental market has shown resilience, with a growing percentage of renters and generally increasing rent prices. These trends reflect the dynamic nature of Ogontz's housing market and the complex interplay between economic factors, housing preferences, and local market conditions.
