Loading Content...
Rising Home Values and Ownership in Zip Code 19311: Avondale'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 19311, located in Avondale, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a steady increase in homeownership, coupled with rising average home prices and fluctuating average rent costs. The ownership percentage in zip code 19311 has shown a consistent upward trend from 2013 to 2022. In 2013, the homeownership rate was 77%, which steadily increased to 86% by 2022. This 9% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $316,207, which grew to $519,240 by 2022, representing a 64.2% increase over this period. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
The relationship between federal interest rates and homeownership rates in zip code 19311 appears to follow the general trend of lower interest rates encouraging homeownership. For instance, from 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates increased from 77% to 78%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates continued to climb, reaching 86% by 2022, possibly indicating other factors influencing this trend in the local market.
Conversely, the percentage of renters in zip code 19311 has decreased from 23% in 2013 to 14% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,245, which peaked at $1,552 in 2017 before settling at $1,402 in 2022. This represents a 12.6% increase in average rent over the decade, despite the declining renter population. The population growth from 9,660 in 2013 to 10,321 in 2022 might have contributed to maintaining pressure on rental prices despite the decreasing proportion of renters.
In 2023 and 2024, the average home prices in zip code 19311 continued their upward trajectory. The average home price reached $546,589 in 2023 and further increased to $569,502 in 2024. This represents a 5.3% year-over-year increase from 2022 to 2023 and a 4.2% increase from 2023 to 2024. Notably, these price increases occurred alongside a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on the historical trends and current market conditions, we can predict that average home prices in zip code 19311 will likely continue to rise over the next five years, albeit possibly at a slower rate due to higher interest rates. Average rent prices may also see moderate increases, influenced by the area's growing population and the overall housing market dynamics.
In summary, zip code 19311 has demonstrated a strong trend towards increased homeownership, with rising average home prices and a decreasing renter population. The area has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. These trends suggest a robust and desirable housing market in this Pennsylvania borough, with potential for further growth in both homeownership rates and property values in the coming years.
