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Rising Home Values and Ownership Trends in Zip Code 19342: Chester Heights's Resilient Housing 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
Zip code 19342, located in Chester Heights, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19342 has shown a slight decline over the years, with some fluctuations. In 2013, the homeownership rate stood at 76%, gradually decreasing to 68% in 2020. However, there was a rebound to 74% by 2022. This trend coincides with changes in average home prices, which have steadily increased from $366,014 in 2010 to $571,998 in 2022, representing a significant 56% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with relatively stable homeownership rates around 72-76%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, there was a slight decrease in homeownership rates to 72% in 2018 and 71% in 2019.
Renter percentages in zip code 19342 have shown an inverse relationship to homeownership rates, naturally increasing as homeownership decreased. The renter-occupied percentage rose from 22% in 2013 to a peak of 32% in 2020, before settling back to 26% in 2022. Average rent prices have also seen an upward trend, increasing from $1,911 in 2013 to $1,959 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $2,094. These trends in renter percentages and rent prices occurred alongside a population increase from 17,984 in 2013 to 19,667 in 2022, suggesting growing demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 19342 continued its upward trajectory. The average home price reached $612,580 in 2023 and further increased to $644,837 in 2024. This represents a substantial 12.7% increase from 2022 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years, albeit potentially at a more moderate pace. Average home prices could potentially reach the $700,000 to $750,000 range by 2029, while average rent prices might approach or exceed $2,200 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 19342 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The rental market has also shown strength, with rising average rents and a generally increasing renter population. The area's continued population growth and the recent surge in home prices, even in the face of rising interest rates, suggest a robust demand for housing in this zip code. These trends indicate a dynamic and potentially competitive housing market in Chester Heights for the foreseeable future.
