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Zip Code 19015: Rising Home Values and Stable Ownership in Brookhaven, 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 19015, located in Brookhaven, Pennsylvania, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area, with a population of 15,208 in 2022, has maintained a relatively stable homeownership rate while witnessing significant changes in housing market dynamics.
The homeownership rate in zip code 19015 has remained relatively consistent, hovering around 75% from 2013 to 2022. This stability in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $130,117, which steadily rose to $223,594 by 2022, representing a remarkable 71.8% increase over nine years. This trend suggests that despite rising home values, residents in this area have maintained their ability to own homes.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at 75%. This period of low interest rates likely contributed to maintaining high homeownership levels by making mortgages more affordable. Even as interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), homeownership rates in the area remained resilient.
The rental market in zip code 19015 has also seen significant changes. The percentage of renters has slightly increased from 25% in 2013 to 26% in 2021, before returning to 25% in 2022. Concurrently, average rent prices have risen substantially. In 2013, the average rent was $988, which increased to $1,155 by 2022, marking a 16.9% rise over nine years. This increase in rent prices, while substantial, was not as dramatic as the rise in home prices, potentially explaining the slight fluctuation in renter percentages.
In 2023 and 2024, the housing market in zip code 19015 continued its upward trajectory. The average home price reached $237,139 in 2023 and further increased to $249,713 in 2024, representing a 6% and 5.3% year-over-year increase, respectively. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices for zip code 19015 over the next five years. Average home prices could potentially reach around $300,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to approximately $1,300-$1,400 per month in the same period, following a similar growth trajectory.
In summary, zip code 19015 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced steady growth in both the housing and rental markets, with home prices outpacing rent increases. The continuation of these trends, coupled with fluctuating interest rates, suggests a dynamic and evolving real estate landscape in this Pennsylvania borough for the foreseeable future.
