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Zip Code 19008: Rising Home Values and Stable Ownership in Suburban 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 19008, encompassing Broomall in Pennsylvania, presents an intriguing real estate landscape. This suburban area has experienced notable fluctuations in homeownership rates and property values over the past decade. The ownership percentage has remained relatively stable, hovering around 85%, while average home prices have shown a significant upward trend, particularly in recent years.
The homeownership rate in zip code 19008 has demonstrated resilience, starting at 85% in 2013 and maintaining a similar level through 2022. Despite minor fluctuations, such as a peak of 87% in 2019, the rate has consistently returned to the 84-85% range. This stability in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $305,159, which steadily rose to $481,991 by 2022, representing a remarkable 58% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), homeownership remained stable at 84-85%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, homeownership actually increased slightly to 87%. This suggests that other local factors may have a stronger influence on homeownership in this zip code than national interest rate trends.
Renter percentages in zip code 19008 have remained relatively low, complementing the high homeownership rates. The renter population fluctuated between 13% and 16% from 2013 to 2022. Average rent prices, however, have shown a consistent upward trend. In 2013, the average rent was $1,167, which increased to $1,419 by 2022, a 21.6% rise. This increase in rent prices occurred despite minor fluctuations in the renter population, indicating a strong rental market in the area.
As of 2024, the average home price in zip code 19008 has reached $533,899, a significant increase from $507,844 in 2023. This represents a 5.1% year-over-year increase, indicating continued strong growth in the local real estate market. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, which may impact future homebuying trends in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 19008 could potentially reach or exceed $600,000 by 2029. Similarly, average rent prices might surpass $1,600 per month within the same timeframe, assuming the current growth rate persists.
In summary, zip code 19008 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to national interest rate fluctuations, maintaining strong homeownership levels even as rates have risen. The consistent growth in both home prices and rent prices, coupled with a stable population, suggests a desirable living location with ongoing demand for both owned and rented properties.
