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Zip Code 19010: Bryn Mawr's Rising Home Values and Educational Prestige
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
Bryn Mawr, located in zip code 19010 in Pennsylvania, is a vibrant community that has experienced notable shifts in its real estate landscape over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic relationship between these factors. The homeownership rate in Bryn Mawr has remained relatively stable, with a slight downward trend from 63% in 2013 to 60% in 2022. During this period, average home prices have shown a consistent upward trajectory. In 2013, the average home price was $471,733, which steadily increased to $734,110 by 2022, representing a substantial 55.6% growth over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made it more challenging for some residents to transition from renting to owning.
Federal interest rates have played a significant role in shaping homeownership trends in Bryn Mawr. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained stable at around 63%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership to 61%. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a brief uptick in homeownership to 62% in 2021, before falling back to 60% in 2022 as rates increased to 1.68%.
The renter population in Bryn Mawr has shown a marginal increase, from 37% in 2013 to 40% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,611, which peaked at $2,275 in 2021 before decreasing to $1,839 in 2022. The population growth from 20,674 in 2013 to 22,703 in 2022 may have contributed to the overall increase in rental demand and prices, despite the recent dip.
Looking at the most recent data, average home prices in Bryn Mawr continued their upward trend, reaching $782,912 in 2023 and $829,882 in 2024. This represents a significant 13% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Bryn Mawr will continue to rise, potentially reaching around $1,000,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,500 per month within the same timeframe, assuming current economic conditions and population growth trends persist.
In summary, Bryn Mawr has experienced a gradual shift towards a slightly higher proportion of renters, coupled with substantial increases in both average home prices and rent prices. The interplay between federal interest rates, population growth, and property values has shaped a real estate market that favors long-term homeowners while presenting challenges for new buyers. As the community continues to evolve, these trends are likely to have significant implications for housing affordability and demographic composition in the coming years.
