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Zip Code 19001: Rising Home Values and Shifting Ownership Trends in Roslyn, Pennsylvania
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 19001, located in Roslyn, Pennsylvania, is a densely populated area with a rich history of community development. Over the past decade, this zip code has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19001 has shown a general upward trend from 2013 to 2022. In 2013, 78% of residents were homeowners, and this figure increased to 79% by 2022. The peak homeownership rate was observed in 2020 at 82%. Concurrently, average home prices in the area have seen significant growth. In 2013, the average home price was $218,203, which steadily increased to $360,960 by 2022, representing a 65.4% increase over this period.
The relationship between federal interest rates and homeownership rates in zip code 19001 follows a generally inverse pattern. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates reached their peak at 82% in 2020. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 19001 have shown a slight decrease over time, from 22% in 2013 to 21% in 2022. However, average rent prices have experienced fluctuations. In 2013, the average rent was $1,282, which increased to $1,342 in 2021, before decreasing to $1,210 in 2022. These changes in rent prices may be influenced by factors such as local economic conditions and housing supply and demand dynamics.
In 2023 and 2024, zip code 19001 continued to see growth in average home prices. The average home price reached $376,547 in 2023 and further increased to $392,552 in 2024. This represents a 4.3% year-over-year increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 19001. Assuming a continuation of the current growth rate, average home prices could potentially reach around $480,000 by 2029. For rent prices, if we consider the average annual change over the past decade, we might expect average rents to be in the range of $1,400 to $1,500 by 2029, barring any significant economic shifts or policy changes.
In summary, zip code 19001 has demonstrated resilience in its housing market, with increasing homeownership rates and substantial growth in average home prices over the past decade. The area has also experienced fluctuations in rent prices, reflecting the dynamic nature of the local real estate market. The recent rise in interest rates and continued growth in home prices suggest a competitive housing market in the coming years, which may influence both homeownership rates and rental demand in this Pennsylvania community.
