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Rising Home Values and Strong Ownership in Zip Code 19533: Leesport's Decade of Real Estate Trends
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
Leesport, located in zip code 19533 in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Leesport has shown resilience and growth in recent years. From 2013 to 2022, the percentage of owner-occupied homes increased from 84% to 87%. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price in the area was $178,212, which steadily increased to $295,647 by 2022, representing a substantial 65.9% increase over this period.
The relationship between federal interest rates and homeownership rates in Leesport follows a generally inverse pattern. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 84%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), there was a slight dip in homeownership to 81%. However, when interest rates dropped sharply in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rebounded, reaching 86% by 2021 and 87% by 2022.
Conversely, the renter population in Leesport has experienced some fluctuations. The percentage of renters increased from 16% in 2013 to a peak of 19% in 2017-2019, before decreasing to 13% by 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $935, which increased to $1,013 in 2014 before dropping to $821 in 2015. Since then, average rent has gradually increased, reaching $922 in 2022. These changes in rent prices and renter percentages may be influenced by factors such as local economic conditions and housing availability.
Looking at the most recent data, the average home price in Leesport continued its upward trajectory, reaching $315,763 in 2023 and $328,444 in 2024. This represents a 11.1% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Leesport will continue to rise, potentially reaching around $380,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching about $1,000 per month by 2029, assuming the current trajectory continues.
In summary, Leesport (zip code 19533) has demonstrated a robust housing market with increasing homeownership rates and rising average home prices. The inverse relationship between federal interest rates and homeownership rates has been evident, with lower rates generally corresponding to higher homeownership. While the rental market has shown some volatility, it appears to be stabilizing with gradual increases in average rent prices. The continued rise in home prices, coupled with recent increases in interest rates, will likely shape the housing market dynamics in this Pennsylvania community in the coming years.
