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Zip Code 13673: Rising Home Values and Ownership Trends in Philadelphia, NY
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
Philadelphia, located in zip code 13673 in New York, presents an intriguing case study of homeownership and housing market trends. This small community has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics. The homeownership rate in zip code 13673 has shown a general upward trend, increasing from 55% in 2014 to 62% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $99,915 in 2010 to $165,515 in 2022, representing a 65.7% increase over 12 years. The relationship between these trends suggests that despite rising home prices, more residents were able to transition into homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in Philadelphia. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the increase in homeownership from 55% in 2014 to 59% in 2016. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, reaching 62% in 2022. This suggests that other local factors, such as employment opportunities or housing supply, may have also influenced homeownership rates in addition to interest rates.
The rental market in zip code 13673 has experienced its own set of changes. The percentage of renters decreased from 45% in 2014 to 38% in 2022, inversely mirroring the rise in homeownership. Interestingly, average rent prices have shown volatility, fluctuating from $833 in 2014 to a low of $753 in 2015, then rising to $902 in 2021 before settling at $820 in 2022. This variability in rent prices, combined with the decreasing renter population, suggests a complex interplay of factors affecting the rental market, possibly including changes in housing supply, local economic conditions, and shifts in population demographics.
Looking at the most recent data, average home prices in zip code 13673 continued their upward trajectory, reaching $172,147 in 2023 and $181,100 in 2024. This represents a substantial 9.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, hitting 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers, potentially impacting future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 13673 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $200,000 to $220,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $900 to $950 per month by 2029, assuming stable economic conditions and housing supply.
In summary, Philadelphia in zip code 13673 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The interplay between federal interest rates, local economic factors, and housing market dynamics has shaped a unique landscape where both homeownership and home values have grown. As we look to the future, the community may face new challenges in maintaining affordable housing options while navigating the impacts of higher interest rates and continuing price appreciation.
