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Rising Home Values and Shifting Ownership in Zip Code 19006: A Decade of Change in Bryn Athyn, Pennsylvania
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 19006, located in Bryn Athyn, Pennsylvania, has shown interesting demographic and housing trends over the past decade. This area has experienced a steady increase in population and housing prices, while maintaining a relatively stable homeownership rate.
The homeownership rate in zip code 19006 has remained fairly consistent, with a slight decline from 83% in 2013 to 81% in 2022. During this same period, average home prices have seen significant growth. In 2013, the average home price was $355,092, which increased to $542,607 by 2022, representing a 52.8% increase over nine years. This trend suggests that despite rising home prices, the area has maintained its appeal to homeowners.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at 82-83%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), there was a slight decrease in homeownership to 81%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 19006 has seen a modest increase, from 17% in 2013 to 19% in 2022. This change coincides with a rise in average rent prices. In 2013, the average rent was $1,255, which increased to $1,709 by 2022, a 36.2% increase over nine years. The population growth from 22,474 in 2013 to 24,598 in 2022 may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 19006 continued its upward trajectory. The average home price reached $576,750 in 2023 and further increased to $600,077 in 2024, representing a 10.6% increase from 2022 to 2024. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent for the next five years. Average home prices could potentially reach $700,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to around $2,000 per month, following a similar growth trajectory. However, these projections may be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, zip code 19006 has demonstrated resilience in its housing market, with steadily increasing home and rent prices despite slight shifts in homeownership rates. The area has maintained a high proportion of homeowners while accommodating a growing renter population, reflecting its desirability as a residential location. The recent surge in home prices, even in the face of rising interest rates, suggests a strong and potentially competitive housing market in the coming years.
