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Zip Code 19009: Rising Home Values and Ownership Rates in Bryn Athyn, 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 19009, located in Bryn Athyn, Pennsylvania, is a small community that has experienced significant shifts in homeownership rates and property values over the past decade. From 2013 to 2022, the percentage of owner-occupied homes increased steadily, while average home prices and average rent prices also saw substantial growth.
The trend in homeownership in zip code 19009 shows a clear upward trajectory. In 2013, 70% of homes were owner-occupied, and this figure increased consistently, reaching 81% by 2022. This 11 percentage point increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $404,908, and by 2022, it had climbed to $585,306, representing a 44.6% increase over nine years. This correlation suggests that as property values appreciated, more residents chose to invest in homeownership.
Federal interest rates appear to have played a role in the increasing homeownership trend. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates, likely making mortgages more accessible and attractive to potential buyers. The sharp increase in interest rates in 2022 to 1.68% and further to 5.02% in 2023 may impact future homeownership trends.
As homeownership increased, the percentage of renters in zip code 19009 naturally declined. In 2013, 30% of residents were renters, which decreased to 19% by 2022. Despite this decline in the renter population, average rent prices showed an upward trend. The average rent increased from $1,525 in 2013 to $1,967 in 2022, a 29% increase. This rise in rent prices, despite a smaller renter pool, could be attributed to the overall increase in property values and potentially a higher demand for the limited rental properties available.
In 2023 and 2024, the housing market in zip code 19009 continued to show strong growth. The average home price reached $629,625 in 2023 and further increased to $655,460 in 2024, representing a 12% growth over two years. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and average rent prices for zip code 19009 over the next five years. Average home prices could potentially reach around $750,000 by 2029, assuming a similar growth rate. Average rent prices might increase to approximately $2,300 per month. However, these projections may be influenced by factors such as economic conditions, local development, and changes in federal interest rates.
In summary, zip code 19009 has seen a significant shift towards homeownership, with a corresponding increase in both average home prices and average rent prices. The area has demonstrated resilience in its housing market, with property values continuing to rise even in the face of increasing interest rates. These trends suggest a strong and desirable housing market in this Pennsylvania borough, with potential for continued growth in the coming years.
