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Rising Home Values and Stable Ownership in Zip Code 19465: Kenilworth'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 19465, located in Kenilworth, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with slight fluctuations in average home prices and rent costs. The homeownership rate in zip code 19465 has remained relatively stable, hovering around 78-79% from 2013 to 2022. Despite this consistency, average home prices have shown a significant upward trend. In 2013, the average home price was $248,055, which steadily increased to $405,374 by 2022, representing a 63.4% increase over this period. This trend suggests that while the proportion of homeowners remained stable, the value of owned properties substantially appreciated. Federal interest rates have played a role in shaping homeownership trends in the area. For instance, the period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, the homeownership rate in zip code 19465 remained steady at 78%, indicating that the low-interest environment may have helped maintain high levels of homeownership despite rising home prices.
The rental market in zip code 19465 has shown interesting dynamics. The percentage of renters increased slightly from 19% in 2013 to 21% in 2022. Correspondingly, average rent prices exhibited an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,208, which increased to $1,324 by 2022, a 9.6% rise. The population growth from 16,961 in 2013 to 17,998 in 2022 may have contributed to the increased demand for rental properties, supporting the rise in both renter percentages and average rent prices.
Looking at more recent data, the average home price in zip code 19465 continued its upward trajectory, reaching $424,002 in 2023 and further increasing to $438,844 in 2024. This represents a 4.7% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19465 will continue to rise, potentially reaching around $500,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of $1,450-$1,500 per month by 2029, assuming the current trends in population growth and housing demand persist.
In summary, zip code 19465 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has maintained a strong preference for owner-occupied housing despite rising home prices, while also experiencing modest growth in the rental sector. The interplay between federal interest rates, population growth, and housing demand has shaped these trends, with recent data suggesting continued appreciation in the local real estate market.
