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Rising Home Values and Shifting Ownership in Zip Code 19082: Millbourne's Urban Housing Dynamics
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 19082, located in Millbourne, Pennsylvania, is a densely populated area with a rich history of demographic shifts. Over the past decade, this region has experienced notable fluctuations in homeownership rates and housing costs, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19082 has remained relatively stable, hovering around 50% from 2013 to 2022. However, there have been subtle shifts within this period. In 2013, the homeownership rate stood at 53%, gradually declining to 48% by 2019, before slightly rebounding to 49% in 2022. Concurrently, average home prices have shown a significant upward trend. In 2013, the average home price was $75,327, which remained relatively stable until 2015. From 2016 onwards, there was a steady increase, with average home prices reaching $164,109 by 2022, representing a substantial 118% increase over this nine-year period.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 19082. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively high, between 51% and 53%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a corresponding slight decline in homeownership rates to 48%. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership to 49%, likely due to more affordable financing options.
Renter percentages in zip code 19082 have shown an inverse relationship to homeownership rates, naturally. The proportion of renters increased from 47% in 2013 to a peak of 52% in 2019, before settling at 51% in 2022. Average rent prices have generally trended upward, albeit with some fluctuations. In 2013, the average rent was $1,025, which increased to $1,098 by 2015. After some variations, it reached $1,164 in 2021, before decreasing slightly to $1,039 in 2022. This represents an overall increase of about 1.4% in average rent prices from 2013 to 2022, despite the recent decrease. The population growth from 38,724 in 2013 to 40,472 in 2022 may have contributed to the overall upward pressure on rent prices.
Looking at the most recent data, average home prices in zip code 19082 continued their upward trajectory, reaching $176,998 in 2023 and further increasing to $189,231 in 2024. This represents a 15.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19082 will continue to rise, potentially reaching around $240,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are expected to follow a more moderate upward trajectory, potentially reaching approximately $1,300 by 2029, assuming the historical pattern of gradual increases continues.
In summary, zip code 19082 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The inverse relationship between homeownership and rental rates, coupled with the influence of federal interest rates, has shaped the local housing landscape. The recent sharp increase in home prices and interest rates suggests a dynamic market that may continue to evolve, potentially affecting affordability and homeownership trends in the coming years.
