Loading Content...
Zip Code 19081: Rising Home Values and Stable Ownership in Swarthmore's Educational Hub
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 19081, located in Swarthmore, Pennsylvania, is a small yet vibrant community spanning just 2.27 square miles. This area has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19081 has remained relatively stable, hovering around 75-76% for most of the observed period. However, there was a slight increase to 79% in 2022, indicating a growing preference for homeownership in recent years. This trend coincides with a steady rise in average home prices, which have seen significant growth over the past decade. In 2013, the average home price was $240,862, and by 2022, it had risen to $383,019, representing a substantial 59% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively stable. However, as interest rates began to rise more sharply in 2022 to 1.68%, we saw the homeownership rate increase to 79%, suggesting that local factors may have played a more significant role in homeownership decisions than national interest rate trends.
Renter percentages in zip code 19081 have generally mirrored the homeownership trends, with a slight decrease from 26% in 2013 to 21% in 2022. Average rent prices have shown some volatility but have generally trended upward. In 2013, the average rent was $1,142, rising to $1,496 in 2022, a 31% increase. This growth in rent prices, while significant, has been less dramatic than the increase in home prices over the same period.
Looking at the most recent data, average home prices in zip code 19081 continued their upward trajectory, reaching $413,055 in 2023 and $436,703 in 2024. This represents a further 14% increase from 2022 to 2024, despite the sharp rise in interest rates to 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust local housing market that has maintained strong growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19081 will continue to rise, albeit potentially at a more moderate pace due to the current higher interest rate environment. We project average home prices could reach approximately $500,000 by 2029. For rent prices, we expect a continued upward trend, potentially reaching an average of around $1,700 to $1,800 per month by 2029, assuming steady economic growth and continued demand for rental properties in the area.
In summary, zip code 19081 has demonstrated a strong and resilient housing market over the past decade. The area has seen substantial growth in both average home prices and average rent prices, with homeownership rates remaining high and even increasing in recent years. Despite rising interest rates, the local market has shown continued strength, suggesting a desirable location with sustained demand for both owned and rented properties. The projected trends indicate ongoing appreciation in both home values and rental rates, reflecting the area's attractiveness and economic stability.
