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Zip Code 19055: Rising Home Values and Stable Ownership in Levittown
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 19055, located in Levittown, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a predominantly owner-occupied housing market, with homeownership rates consistently above 85% throughout the observed period.
The relationship between homeownership rates and average home prices in zip code 19055 reveals an interesting trend. From 2013 to 2019, there was a gradual decline in homeownership, dropping from 91% to 85%, while average home prices steadily increased from $169,476 to $217,116. This inverse relationship suggests that rising property values may have made homeownership less accessible for some residents. However, from 2020 to 2022, homeownership rates rebounded to 89%, coinciding with a significant surge in average home prices from $239,564 to $305,813.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 19055. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the high homeownership rates of 90-91% during this time. As interest rates began to rise from 2016 onwards, reaching 2.16% by 2019, homeownership rates experienced a slight decline. However, the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 coincided with a rebound in homeownership rates to 87% and 90% respectively, demonstrating the impact of affordable financing on homebuying decisions.
Renter percentages and average rent prices in zip code 19055 have shown some correlation over the years. As the renter population increased from 8% in 2013 to 15% in 2019, average rent prices rose from $1,340 to $1,264. However, this trend reversed in recent years, with the renter percentage decreasing to 11% in 2022 while average rent prices increased to $1,325. This shift may be attributed to the area's declining population, which fell from 12,040 in 2013 to 11,574 in 2022, potentially reducing demand for rental properties.
In 2023 and 2024, average home prices in zip code 19055 continued their upward trajectory, reaching $321,725 in 2023 and $339,850 in 2024. This represents a significant increase of 11.1% from 2022 to 2024. Interestingly, this price growth occurred despite a substantial rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models forecast continued growth in both average home and rent prices for zip code 19055 over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $395,000 by 2029. Average rent prices are expected to rise at a more modest rate of 2-3% per year, potentially reaching about $1,500 by 2029.
In summary, zip code 19055 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to economic factors such as interest rate fluctuations and population changes. The inverse relationship between homeownership rates and average home prices, coupled with the recent rebound in homeownership despite rising costs, indicates a complex and dynamic real estate environment in this Levittown neighborhood.
