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Rising Home Values and Shifting Ownership in Wissinoming: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wissinoming, a neighborhood in Philadelphia, Pennsylvania, has experienced significant shifts in its real estate landscape over the past decade. From 2013 to 2022, the area witnessed a notable decline in homeownership rates, dropping from 61% to 57%. Despite this decrease, average home prices in Wissinoming have seen remarkable growth, more than doubling from $81,177 in 2013 to $169,662 in 2022, representing a 109% increase.
The interplay between federal interest rates and homeownership rates in Wissinoming reflects broader economic trends. During the period of low interest rates from 2013 to 2016 (0.11% to 0.40%), homeownership rates experienced a slight decline from 61% to 58%. As interest rates rose more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership rates stabilized around 57-58%. This suggests that while lower interest rates typically encourage homeownership, local factors may have influenced the Wissinoming market dynamics.
Concurrent with the decline in homeownership, Wissinoming's renter population has grown. The percentage of renters increased from 39% in 2013 to 43% in 2022. Average rent prices also rose during this period, albeit less dramatically than home prices, increasing from $983 in 2013 to $1,052 in 2022, a 7% increase. This trend indicates a growing demand for rental properties in the area.
Recent years have brought interesting developments to Wissinoming's real estate market. In 2023, the average home price slightly decreased to $166,741, but rebounded to $169,381 in 2024. This fluctuation occurred against a backdrop of significantly higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These elevated rates may be influencing buyer behavior and overall market dynamics.
Looking ahead, predictive models suggest a continued moderate rise in Wissinoming's average home prices over the next five years, potentially reaching around $190,000 by 2029. Average rent prices are also expected to increase, possibly approaching $1,200 per month in the same timeframe. These projections assume the continuation of current economic conditions and local market trends.
In conclusion, Wissinoming has undergone a transformation characterized by a shift towards a higher proportion of renters and substantial growth in both average home prices and rent. The significant increase in home values, despite a decreasing homeownership rate, indicates a complex interplay of factors influencing the local real estate market. As Wissinoming continues to evolve, these trends are likely to shape its demographic and economic landscape in the coming years.
