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Rising Home Values and Shifting Ownership in Philadelphia's 19130 Zip Code: A Decade of Change
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 19130, located in Philadelphia, Pennsylvania, has experienced significant changes in its housing landscape over the past decade. This urban 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 19130 has shown a gradual decline from 2013 to 2022. In 2013, the percentage of owner-occupied homes stood at 43%, but by 2022, it had decreased to 41%. This downward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $310,303, and it rose steadily to reach $433,089 by 2022, representing a 39.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code follows a general trend observed nationally. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at 43%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined to 41%. This suggests that higher interest rates may have contributed to making homeownership less affordable for some residents in the area.
Conversely, the percentage of renter-occupied homes in zip code 19130 has increased from 56% in 2013 to 59% in 2022. This rise in the renter population correlates with an increase in average rent prices. The average rent in 2013 was $1,379, which grew to $1,509 by 2022, representing a 9.4% increase. It's worth noting that the population in this zip code also increased during this period, from 24,126 in 2013 to 27,129 in 2022, potentially contributing to the demand for rental properties.
Looking at the most recent data for 2023 and 2024, we observe some interesting trends. The average home price in 2023 was $425,111, showing a slight decrease from 2022. In 2024, the average home price has marginally increased to $426,312. These figures indicate a stabilization in the housing market after years of consistent growth. Notably, interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19130 will continue to show moderate growth, potentially reaching around $450,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $1,700 per month. These projections are based on historical trends and current market conditions.
In summary, zip code 19130 has experienced a shift towards a more rental-dominated market over the past decade, with decreasing homeownership rates and increasing average home and rent prices. The recent stabilization in home prices, coupled with rising interest rates, suggests a potential cooling of the housing market. However, the area's growing population and the long-term trend of increasing property values indicate that both the rental and ownership markets in this Philadelphia neighborhood are likely to remain competitive in the coming years.
