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Rising Home Values and Shifting Ownership in Zip Code 19405: Bridgeport's Changing Housing Landscape
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 19405, located in Bridgeport, Pennsylvania, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices and rent costs, while homeownership rates have remained relatively stable with some minor variations. The ownership percentage in zip code 19405 has fluctuated between 44% and 51% from 2013 to 2022. Interestingly, as average home prices increased from $170,385 in 2013 to $284,904 in 2022, a 67% rise, the homeownership rate remained relatively stable. This suggests that rising home prices did not significantly deter homeownership in the area. For instance, in 2013, when the average home price was $170,385, the ownership rate was 49%. By 2022, despite the average home price climbing to $284,904, the ownership rate held steady at 50%.
Federal interest rates have played a role in homeownership trends. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 49%. As interest rates gradually increased to 1.83% in 2018, homeownership actually rose slightly to 51%. This trend continued into 2022, with interest rates at 1.68% and homeownership remaining at 50%, indicating that moderate increases in interest rates did not significantly impact homeownership in this zip code.
Renter percentages have shown a slight overall increase, moving from 51% in 2013 to 53% in 2021, before settling at 50% in 2022. During this period, average rent prices rose from $1,111 in 2013 to $1,266 in 2022, a 14% increase. The population in the zip code also grew from 5,409 in 2013 to 5,564 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the zip code experienced continued growth in average home prices. The average home price in 2023 was $299,561, a 5.1% increase from 2022. In 2024, it further rose to $318,782, representing a 6.4% increase from 2023. Notably, federal interest rates also saw a significant jump, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 19405 may continue to rise over the next five years, potentially reaching around $375,000 by 2029. Average rent prices could also see a steady increase, potentially surpassing $1,500 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 19405 has demonstrated resilience in homeownership rates despite rising home prices and fluctuating interest rates. The area has seen consistent growth in both home values and rent prices, with a slight overall trend towards increased renting. The recent sharp increase in interest rates, coupled with continuing home price appreciation, may present new challenges for potential homebuyers in the coming years, potentially shifting the balance between owners and renters in this dynamic Pennsylvania borough.
