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Rising Home Values and Strong Ownership in Zip Code 19473: Skippack'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 19473, located in Skippack, Pennsylvania, has shown a consistent trend of high homeownership rates and steadily increasing average home prices over the past decade. This area has experienced significant population growth, rising from 18,540 residents in 2010 to 21,280 in 2022, indicating its attractiveness as a residential location.
The homeownership rate in zip code 19473 has remained notably high, increasing from 83% in 2013 to 85% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $276,443 in 2013 to $451,990 in 2022, representing a 63.5% increase over nine years. The steady increase in both homeownership rates and average home prices suggests a strong and desirable housing market in this area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates likely contributed to the high and stable homeownership rates observed in zip code 19473. The accessibility of affordable financing options during this time may have encouraged more residents to purchase homes, supporting the upward trend in homeownership.
While homeownership has been predominant, the rental market in zip code 19473 has shown some fluctuations. The percentage of renters decreased slightly from 15% in 2013 to 14% in 2022. Interestingly, average rent prices have seen notable increases, rising from $1,342 in 2013 to $1,406 in 2022, a 4.8% increase. This increase in average rent prices, despite a relatively stable renter population, may indicate a tightening rental market or an increase in the quality of available rental properties.
Looking at more recent data, the average home prices in zip code 19473 continued to rise, reaching $477,025 in 2023 and $494,745 in 2024. This represents a 5.5% increase from 2022 to 2023 and a further 3.7% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19473 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $575,000 to $600,000, assuming a modest annual growth rate of 3-4%. For average rent prices, we expect a continued upward trend, potentially reaching around $1,600 to $1,700 per month by 2029, based on historical increases and accounting for potential market adjustments.
In summary, zip code 19473 in Skippack, Pennsylvania, demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has maintained a strong preference for homeownership, even as both home prices and rent have increased. The recent rise in interest rates may influence future trends, potentially moderating the rapid growth in home prices and affecting affordability for new homebuyers. However, the consistent population growth and the area's apparent desirability suggest that demand for housing in this zip code is likely to remain strong in the coming years.
