Loading Content...
Zip Code 19083: Rising Home Values and High Ownership Rates in Broomall, Pennsylvania
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 19083, located in Broomall, Pennsylvania, is a suburban area characterized by a strong preference for homeownership and steadily increasing property values. Over the past decade, this area has experienced consistent growth in both average home prices and average rent, while maintaining a high rate of owner-occupied housing.
The homeownership rate in zip code 19083 has shown a gradual increase from 88% in 2013 to 90% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices, which grew from $260,326 in 2013 to $431,592 in 2022, representing a 65.8% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite rising costs, residents in this area have continued to prioritize homeownership, possibly due to the area's desirability and potential for property value appreciation.
Federal interest rates have played a role in shaping homeownership trends in zip code 19083. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the maintenance of high homeownership rates. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate continued to increase, reaching 90%, indicating a strong local market and resident preference for owning rather than renting.
The rental market in zip code 19083, while smaller, has also seen significant changes. The percentage of renters decreased slightly from 12% in 2013 to 10% in 2022. Despite this decrease, average rent prices have risen steadily, from $1,266 in 2013 to $1,505 in 2022, an increase of 18.9%. This trend suggests that while fewer residents are renting, those who do are paying higher prices, possibly due to limited rental inventory and increased demand for the available units.
In 2023 and 2024, the housing market in zip code 19083 continued its upward trajectory. The average home price reached $460,732 in 2023 and further increased to $491,038 in 2024, representing a 13.8% growth over two years. This rise occurred despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen the local housing market's growth, indicating strong underlying demand and economic factors supporting home values in the area.
Looking ahead, predictive models suggest that the robust growth in both home prices and rent is likely to continue in zip code 19083 over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching or exceeding $550,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,700 per month within the same timeframe. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 19083 demonstrates a strong and resilient housing market characterized by high homeownership rates and consistently increasing property values. The area has shown remarkable stability in its ownership-to-rental ratio, with a slight trend towards even higher homeownership. Despite rising home prices and recent increases in interest rates, the demand for homeownership remains strong. The rental market, though smaller, continues to see price appreciation, reflecting the overall desirability of the area. These trends suggest that Broomall will likely continue to be an attractive location for homeowners and investors in the coming years.
