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Whitman's Housing Market: Average Home Values Soar Amid Stable Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Whitman, a neighborhood in Philadelphia, Pennsylvania, has experienced significant changes in its housing market and demographic composition over the past decade. This community, known for its mix of residential and commercial areas, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends.
The homeownership rate in Whitman has remained relatively stable, hovering around 69% for much of the observed period. In 2013, the homeownership rate stood at 69%, then peaked at 74% in 2020 before settling back to 69% in 2022. This trend coincides with changes in average home prices, which have shown a steady increase over the years. In 2013, the average home price in Whitman was $127,271, and it rose consistently, reaching $226,664 by 2022. This represents a substantial increase of 78% over nine years.
The relationship between federal interest rates and homeownership rates in Whitman follows a generally expected pattern. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 69%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, we saw a slight dip in homeownership to 68% in 2017. Interestingly, despite rising interest rates, homeownership peaked at 74% in 2020, possibly due to other economic factors or local market conditions.
Renter percentages in Whitman have inversely mirrored homeownership rates. The proportion of renters ranged from 29% to 32% between 2013 and 2022, with the lowest point of 26% in 2020 corresponding to the peak in homeownership. Average rent prices have shown a general upward trend, albeit with some fluctuations. In 2013, the average rent was $1,175, which increased to $1,263 by 2022, representing a 7.5% increase over nine years. This rise in rent prices occurred alongside population growth, with the neighborhood's population increasing from 10,092 in 2013 to 10,095 in 2022, potentially contributing to the demand for rental properties.
Looking at the most recent data, the average home price in Whitman decreased slightly to $220,403 in 2023, followed by a small uptick to $221,806 in 2024. This slight decline and subsequent stabilization occurred as federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially cooling the housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Whitman may continue to experience moderate growth, albeit at a slower pace than in recent years due to higher interest rates. Average rent prices are likely to continue their upward trajectory, driven by ongoing demand for rental properties in the area.
In summary, Whitman has demonstrated resilience in its housing market, with generally stable homeownership rates and steadily increasing property values over the past decade. The neighborhood has weathered various economic conditions, including fluctuating interest rates, while maintaining a balanced mix of owners and renters. As we look to the future, Whitman's housing market is poised for continued, albeit more modest, growth in both home values and rental prices, reflecting its enduring appeal as a residential community in Philadelphia.
