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Zip Code 19053: Rising Home Values and Strong Ownership Trends in Trevose, 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
Trevose, located in zip code 19053 in Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a predominantly owner-occupied housing market, with a slight increase in homeownership rates and significant growth in average home prices. The homeownership rate in Trevose has shown a gradual upward trend, rising from 82% in 2013 to 84% in 2022. This increase coincided with a substantial rise in average home prices, which grew from $259,433 in 2013 to $410,468 in 2022, representing a 58.2% increase over nine years. The correlation between rising homeownership rates and increasing home prices suggests a strong local housing market with growing demand for owner-occupied properties.
Federal interest rates have played a significant role in shaping homeownership trends in Trevose. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the steady homeownership rate around 80-82%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Trevose continued to increase, reaching 84% in 2022. This trend suggests that other local factors, such as job market stability or community desirability, may have outweighed the impact of rising interest rates on homeownership decisions.
The rental market in Trevose has experienced fluctuations in both the percentage of renters and average rent prices. The renter-occupied percentage decreased from 18% in 2013 to 16% in 2022. Despite this decline, average rent prices increased from $1,218 in 2013 to $1,449 in 2022, a 19% rise over nine years. This trend indicates that while fewer households are renting, those who do rent are paying higher prices, possibly due to improved rental property quality or increased demand for the limited rental inventory.
In 2023 and 2024, the housing market in Trevose continued its upward trajectory. The average home price reached $432,673 in 2023 and further increased to $447,887 in 2024, representing a 9.1% growth over two years. This rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing that outpaced the potential dampening effect of higher borrowing costs.
Looking ahead, predictive models suggest that the housing market in Trevose will likely continue its upward trend over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $520,000 by 2029. Average rent prices are expected to follow a similar trajectory, with an estimated annual increase of 2-4%, potentially reaching around $1,650 by 2029.
In summary, Trevose's housing market has demonstrated resilience and growth, with increasing homeownership rates and rising property values. The area has maintained a strong preference for owner-occupied housing, even in the face of rising interest rates. The rental market, while smaller, has seen significant price appreciation. These trends, combined with the recent price increases in 2023 and 2024, indicate a robust and desirable housing market in zip code 19053, with continued growth expected in both the ownership and rental sectors over the next five years.
