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Rising Home Values and Stable Ownership in Zip Code 19365: Parkesburg's Resilient Housing Market
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 19365, located in Parkesburg, Pennsylvania, has experienced notable changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual shift in its housing market dynamics, reflecting broader economic trends and local demographic changes.
The homeownership rate in zip code 19365 has remained relatively stable, with slight fluctuations over the years. In 2013, the area had a 76% homeownership rate, which decreased slightly to 72% by 2018. However, by 2022, it had rebounded to 75%. This resilience in homeownership rates coincides with a steady increase in average home prices. The average home price in 2013 was $178,397, which rose consistently to reach $289,987 by 2022, representing a significant 62.5% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This likely contributed to the stability in homeownership rates during this time, as low rates made mortgages more affordable. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight dip in homeownership rates, though they remained relatively strong.
Renter percentages in zip code 19365 have shown a complementary trend to homeownership rates. The renter population increased from 24% in 2013 to 28% in 2018, before settling back to 25% in 2022. Interestingly, average rent prices have not followed a consistent upward trend like home prices. The average rent peaked at $1,162 in 2013, fluctuated over the years, and stood at $1,018 in 2022. This represents a 12.4% decrease in average rent over this period, despite the area's population growth from 7,057 in 2013 to 7,931 in 2022.
In 2023 and 2024, the housing market in zip code 19365 continued its upward trajectory. The average home price reached $303,737 in 2023 and further increased to $316,644 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Looking ahead, predictive models suggest that average home prices in zip code 19365 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to stabilize and potentially increase moderately, aligning more closely with the area's population growth and housing demand.
In summary, zip code 19365 has demonstrated a robust housing market with strong homeownership rates and steadily increasing home values. Despite fluctuations in the rental market, the area has maintained a balanced mix of owners and renters. The recent sharp increase in interest rates may impact future homeownership trends, but the consistent appreciation in home values suggests ongoing demand in this Pennsylvania borough.
