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Zip Code 19056: Rising Home Values and Ownership Trends in Levittown, 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 19056, located in Levittown, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a gradual increase in homeownership, coupled with significant growth in average home values and rent prices.
The homeownership rate in zip code 19056 has shown a steady upward trend, rising from 64% in 2017 to 68% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2017, the average home price was $254,739, which grew to $371,469 by 2022, representing a 45.8% increase over five years. This positive correlation suggests that despite rising prices, more residents were able to enter the housing market.
Federal interest rates play a crucial role in homeownership trends. From 2017 to 2019, as interest rates increased from 1% to 2.16%, homeownership rates remained stable at 64%. However, when interest rates dropped sharply to 0.38% in 2020, homeownership began to climb, reaching 66% that year and further increasing to 68% by 2022, even as interest rates rose to 1.68%. This pattern indicates that lower interest rates likely contributed to increased homeownership by making mortgages more affordable.
The rental market in zip code 19056 has also seen significant changes. The percentage of renters increased slightly from 30% in 2015 to 32% in 2022. During this period, average rent prices rose substantially, from $1,033 in 2015 to $1,411 in 2022, a 36.6% increase. This rise in rent prices occurred despite a slight decrease in population from 15,781 in 2015 to 14,860 in 2022, suggesting that factors beyond population growth, such as housing demand and local economic conditions, influenced rent prices.
In 2023 and 2024, the housing market in zip code 19056 continued to evolve. The average home price reached $391,047 in 2023 and further increased to $408,760 in 2024, showing a 4.5% year-over-year growth. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 19056 may continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 19056 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The interplay between federal interest rates, homeownership, and housing prices highlights the complex dynamics of the local real estate market. The consistent growth in both home values and rent prices, even during periods of population fluctuation, suggests a strong and potentially competitive housing market in this area of Levittown, Pennsylvania.
