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Zip Code 19060: Rising Home Values and High Ownership Rates in Chester Heights, PA
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 19060, located in Chester Heights, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices and fluctuating homeownership rates, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 19060 has shown notable fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 92%, gradually decreasing to 88% by 2019. However, there was a sharp increase to 95% in 2020, which has remained stable through 2022. This trend coincides with changes in average home prices, which have shown a consistent upward trajectory. The average home price in 2010 was $377,419, rising to $583,624 by 2022, representing a substantial 54.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. From 2013 to 2019, when interest rates were generally low (ranging from 0.09% to 2.16%), homeownership rates slightly declined. However, the sudden drop in interest rates to 0.38% in 2020 coincided with a significant jump in homeownership to 95%. This aligns with the general trend that lower interest rates can stimulate homeownership due to more affordable financing options.
Renter percentages in zip code 19060 have shown an inverse relationship to homeownership rates. The percentage of renters increased from 6% in 2013 to 10% in 2019, before dropping back to 5% in 2022. Interestingly, average rent prices did not consistently follow this trend. Average rent increased from $1,814 in 2013 to $1,947 in 2019, but then saw a significant decrease to $1,256 in 2022. This decrease in rent prices occurred despite a growing population, which reached 11,270 in 2022, suggesting other factors influencing the rental market.
In 2023 and 2024, the zip code has continued to see growth in average home prices. The average home price reached $626,814 in 2023 and further increased to $661,621 in 2024. This represents a 13.4% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing demand.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices, which have shown volatility in recent years, may stabilize or see moderate increases as the market adjusts to changing economic conditions and housing demand.
In summary, zip code 19060 has demonstrated resilience in its housing market, with consistently rising average home prices and a recent surge in homeownership rates. The interplay between interest rates, homeownership, and rental markets highlights the complex dynamics at play in this area's real estate landscape. As the population continues to grow and economic factors evolve, this zip code is likely to remain an area of interest for both homeowners and investors.
