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Zip Code 19029: Rising Home Values and Shifting Ownership Trends in Norwood, 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 19029, located in Norwood, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with its suburban charm, has seen fluctuations in both owner-occupied and rental properties, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19029 has shown some variability between 2013 and 2022. In 2013, the area had a high ownership rate of 75%. However, this percentage decreased to 64% by 2015 and remained relatively stable until 2022, when it slightly increased to 66%. This trend coincides with changes in average home prices. In 2013, the average home price was $115,051, which steadily increased to $216,286 by 2022, representing an impressive 88% growth over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates stabilized around 64-66%. The slight increase in homeownership to 69% in 2019 coincided with a moderate rise in interest rates to 2.16%, possibly indicating improved economic conditions and increased buyer confidence despite higher borrowing costs.
Renter percentages in zip code 19029 have generally mirrored the inverse of homeownership trends. The renter-occupied percentage increased from 25% in 2013 to 36% in 2015 and remained relatively stable until 2022, when it slightly decreased to 34%. Average rent prices have shown an overall upward trend, rising from $1,042 in 2013 to $1,044 in 2022, with some fluctuations in between. The highest average rent was recorded in 2018 at $1,168. These trends occurred while the population remained relatively stable, decreasing slightly from 4,470 in 2013 to 4,342 in 2022.
In 2023 and 2024, average home prices in zip code 19029 continued their upward trajectory. The average home price reached $226,455 in 2023 and further increased to $236,186 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years.
Looking ahead, predictive models suggest that average home prices in zip code 19029 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, influenced by housing demand and overall economic conditions. However, if interest rates remain high, it could potentially slow down home price appreciation and increase demand for rentals, potentially leading to faster growth in average rent prices.
In summary, zip code 19029 has experienced a significant increase in average home prices over the past decade, with a slight decline in homeownership rates. The rental market has remained relatively stable with gradual increases in average rent prices. Recent years have seen accelerated home price growth alongside rising interest rates, setting the stage for potential shifts in the housing market dynamics in the coming years.
