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Zip Code 19034: Rising Home Values and Ownership Trends in Fort Washington, 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
Fort Washington, located in zip code 19034 in Pennsylvania, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This analysis will explore these trends and their interrelationships.
The homeownership rate in Fort Washington has shown fluctuations, starting at 82% in 2013 and ending at 84% in 2022. During this period, average home prices have consistently increased. In 2013, the average home price was $421,631, which rose to $636,982 by 2022, representing a 51% increase over nine years. This upward trend in home prices coincided with periods of both decreasing and increasing homeownership rates, suggesting that other factors beyond price alone influence ownership decisions in this area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates in Fort Washington decreased from 82% to 78%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and then increased, reaching 84% by 2022 despite a federal interest rate of 1.68%. This pattern suggests that while lower interest rates generally encourage homeownership, local market conditions and other economic factors also play crucial roles in this zip code.
Renter percentages in Fort Washington have shown an inverse relationship to homeownership rates, naturally. The renter population increased from 14% in 2013 to a peak of 21% in 2018, before declining to 16% in 2022. Interestingly, average rent prices have consistently increased during this period, rising from $1,398 in 2013 to $2,105 in 2022, a 51% increase. This rise in average rent prices occurred despite fluctuations in the renter population, indicating strong demand for rental properties in the area, possibly driven by factors such as job market conditions or preferences for flexibility among certain demographic groups.
In 2023 and 2024, Fort Washington continued to see growth in average home prices. The average home price reached $676,223 in 2023 and further increased to $701,219 in 2024, representing a 10% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis. These figures suggest a robust housing market in the zip code, capable of withstanding higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Fort Washington will 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, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, Fort Washington (19034) has demonstrated a resilient and growing real estate market. Despite fluctuations in homeownership rates and significant increases in both home prices and rents, the area has maintained a high rate of owner-occupancy. The interplay between federal interest rates, local economic conditions, and housing preferences has shaped a dynamic market that has seen consistent appreciation in property values over the past decade, a trend that is expected to continue, albeit potentially at a more moderate pace.
