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Zip Code 19064: Drexel Hill's Rising Home Values and Strong Ownership Trends
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
Drexel Hill, located in zip code 19064 in Pennsylvania, is a suburban community characterized by high homeownership rates and a stable real estate market. Over the past decade, this area has experienced consistent growth in homeownership rates and fluctuating trends in average home prices and average rent prices.
The homeownership rate in Drexel Hill has shown a steady increase from 90% in 2013 to 93% in 2022. This rise in homeownership coincides with an overall upward trend in average home prices. In 2013, the average home price was $256,712, which increased to $408,367 by 2022, representing a significant 59% growth over nine years. This correlation suggests that despite rising home prices, residents of Drexel Hill have maintained a strong preference for homeownership.
The relationship between federal interest rates and homeownership rates in Drexel Hill appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 90% to 91%. Even as interest rates began to rise in 2017 and 2018, homeownership rates continued to climb, reaching 92% by 2021 when interest rates were at a historic low of 0.08%.
Renter percentages in Drexel Hill have remained relatively low, fluctuating between 7% and 9% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,371, which increased to $1,554 by 2021, representing a 13.3% increase. However, there was a slight decrease to $1,453 in 2022. The low percentage of renters in the area suggests that changes in rent prices may have a limited impact on the overall housing market in this zip code.
As of 2024, the average home price in Drexel Hill has reached $458,153, showing a continued upward trend from previous years. This increase coincides with a higher federal interest rate of 5.33% in 2024, up from 5.02% in 2023. Despite the rising interest rates, the average home price has still grown by 5% from 2023 to 2024, indicating a resilient housing market in this area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Drexel Hill: Average home prices are likely to continue their upward trajectory, potentially reaching around $525,000 to $550,000 by 2029, assuming a steady annual growth rate of 3-4%. Average rent prices may stabilize or show moderate growth, potentially reaching $1,600 to $1,700 by 2029, considering the historical fluctuations and the area's preference for homeownership.
In summary, Drexel Hill (zip code 19064) demonstrates a strong and growing preference for homeownership, with rates reaching 93% in 2022. The area has experienced significant growth in average home prices over the past decade, with prices more than doubling from 2013 to 2024. Despite rising interest rates, the housing market remains robust, suggesting continued demand for homes in this suburban community. The rental market, while present, plays a minor role in the overall housing landscape of Drexel Hill.
