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Zip Code 19061: Rising Home Values and Shifting Ownership Trends in Marcus Hook, 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
Marcus Hook, located in zip code 19061 in Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis examines the trends in ownership versus renting and their relationship to average housing and rent prices in the area.
From 2013 to 2022, the homeownership rate in Marcus Hook decreased from 66% to 62%. During this same period, average home prices in the area saw a significant increase. In 2013, the average home price was $138,356, which rose to $227,488 by 2022, representing a 64.4% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in homeownership trends in Marcus Hook. In 2013, when interest rates were at 0.11%, the homeownership rate was 66%. As interest rates remained low through 2020 (0.38%), homeownership rates fluctuated but remained relatively stable. However, as interest rates began to rise more significantly in 2022 (1.68%), the homeownership rate decreased to 62%, indicating that higher borrowing costs may have impacted affordability for potential homebuyers.
Renter percentages in Marcus Hook increased from 34% in 2013 to 38% in 2022. During this period, average rent prices fluctuated but showed an overall upward trend. In 2013, the average rent was $1,016, which increased to $984 by 2022. The highest average rent was observed in 2014 at $1,047. The increase in renter percentages, despite relatively stable rent prices, may be attributed to the rising home prices making homeownership less attainable for some residents.
In 2023, the average home price in Marcus Hook reached $238,141, continuing the upward trend from previous years. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. As of 2024, the average home price has further increased to $251,653, while the federal interest rate stands at 5.33%. These figures indicate a continued rise in property values despite higher borrowing costs.
Looking ahead, based on the observed trends, we can forecast potential scenarios for the next five years. Average home prices in Marcus Hook are likely to continue their upward trajectory, potentially reaching around $300,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices are expected to remain relatively stable with modest increases, potentially reaching around $1,100 by 2029.
In summary, Marcus Hook has experienced a decline in homeownership rates coupled with a significant increase in average home prices over the past decade. The rise in federal interest rates in recent years may further impact homeownership affordability. Meanwhile, the renter population has grown, with average rent prices showing moderate fluctuations. These trends suggest a shifting housing landscape in the area, with potential implications for future housing affordability and demographic composition.
