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Zip Code 18219: Conyngham's Rising Home Values and Stable Ownership Rates
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 18219, located in Conyngham, Pennsylvania, has experienced notable fluctuations in population and housing dynamics over the past decade. This small community, spanning just 0.36 square miles, has seen interesting trends in homeownership rates, average home prices, and average rent prices.
The homeownership rate in zip code 18219 has remained relatively stable, with a slight overall increase from 75% in 2013 to 76% in 2022. During this period, average home prices have shown a consistent upward trend. In 2018, the average home price was $175,192, which increased to $233,662 by 2022, representing a substantial 33.4% growth over four years. This rise in home prices coincided with a period of historically low federal interest rates, which dropped from 1.83% in 2018 to 0.08% in 2021, likely contributing to increased housing demand and price appreciation.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2020, homeownership rates generally increased, reaching a peak of 80% in 2017. This aligns with the well-established trend that lower interest rates tend to encourage homeownership by making mortgages more affordable. However, it's worth noting that despite continued low interest rates, there was a slight decrease in homeownership to 76% by 2022, suggesting other factors may also influence local housing choices.
Renter percentages in zip code 18219 have remained relatively stable, fluctuating between 20% and 25% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $786, which increased to $902 in 2014, an impressive 14.8% jump. However, rent prices then experienced a gradual decline, reaching $842 in 2022, a 6.7% decrease from the 2014 peak. This trend in rent prices doesn't show a strong correlation with the slight fluctuations in renter percentages, suggesting that other factors, such as local economic conditions or housing supply, may play a more significant role in determining rent prices in this area.
Looking at the most recent data, average home prices in zip code 18219 continued to rise in 2023 and 2024. In 2023, the average home price reached $236,584, a 1.3% increase from 2022. By 2024, it further climbed to $245,876, representing a 3.9% year-over-year increase. This ongoing appreciation occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has maintained growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18219 will continue to rise, albeit at a more moderate pace. The average home price is projected to reach approximately $275,000 by 2029, representing an estimated 11.8% increase from 2024 levels. Average rent prices are expected to stabilize and potentially see a modest increase, potentially reaching around $920 by 2029, a 9.3% increase from 2022 levels.
In summary, zip code 18219 has demonstrated resilience in its housing market, with steadily increasing home prices despite fluctuations in population and interest rates. The stability in homeownership rates, coupled with the recent surge in home prices, suggests a strong local demand for housing. While rent prices have shown some volatility, they appear to be stabilizing. The community's ability to maintain growth in home values, even as interest rates rise, indicates a robust local real estate market that is likely to continue its upward trajectory in the coming years.
