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Zip Code 19070: Rising Home Values and Shifting Ownership Trends in Morton, 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 19070, located in Morton, Pennsylvania, has experienced significant changes in homeownership rates and property values over the past decade. This area, with its suburban charm, has seen a gradual shift in the balance between owners and renters, accompanied by fluctuations in average home prices and rent costs.
The homeownership rate in zip code 19070 has shown a declining trend from 2013 to 2022. In 2013, 79% of residents were homeowners, but this figure decreased to 75% by 2022. Conversely, the percentage of renters increased from 21% to 25% during the same period. This shift coincided with a substantial rise in average home prices. In 2013, the average home price was $189,844, which steadily increased to $311,939 by 2022, representing a 64.3% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 19070. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 79-80%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 75%. This inverse relationship suggests that higher interest rates may have discouraged some potential buyers from entering the housing market.
The renter population in zip code 19070 has grown alongside rising average rent prices. In 2013, when 21% of residents were renters, the average rent was $1,086. By 2022, with renters comprising 25% of the population, the average rent had increased to $1,126, a modest 3.7% rise over nine years. Interestingly, the population of the zip code decreased from 7,390 in 2013 to 6,681 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, zip code 19070 continued to see growth in average home prices. The average home price reached $330,273 in 2023 and further increased to $348,922 in 2024, representing a 5.9% and 11.9% increase from 2022, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent costs for zip code 19070 over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $400,000 by 2029. Average rent prices are expected to rise at a slower rate of 1-2% per year, potentially reaching about $1,200 by 2029.
In summary, zip code 19070 has experienced a gradual shift towards a higher proportion of renters, coupled with significant increases in average home prices. The inverse relationship between federal interest rates and homeownership rates has been evident, with higher rates correlating with lower ownership percentages. Despite a decreasing population, both home values and rent prices have shown resilience and growth, indicating a robust real estate market in this Pennsylvania suburb.
