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Zip Code 19115: Rising Home Values and Ownership Trends in Philadelphia
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
Philadelphia's zip code 19115, located in the northeastern part of the city, is characterized by a mix of residential neighborhoods and commercial areas. This area has experienced significant changes in homeownership rates and property values over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 19115 has shown a gradual increase in recent years, rising from 57% in 2016 to 63% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2016, the average home price in the area was $224,227, which climbed steadily to reach $346,378 by 2022, representing a significant 54.5% increase over six years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates remained relatively stable, hovering around 57-60%. However, as interest rates began to rise in 2022 to 1.68%, homeownership unexpectedly increased to 63%. This suggests that local market factors and housing demand may have played a more significant role in driving homeownership than interest rates alone.
Renter percentages in zip code 19115 have correspondingly decreased from 43% in 2016 to 37% in 2022. During this period, average rent prices showed an overall upward trend, albeit with some fluctuations. The average rent increased from $1,179 in 2016 to $1,212 in 2019, representing a 2.8% rise. However, there was a notable decrease to $1,065 in 2020, possibly due to the economic impact of the COVID-19 pandemic. Since then, average rent has slightly rebounded to $1,067 in 2022. The population growth from 32,512 in 2016 to 35,145 in 2022 may have contributed to the overall upward pressure on rent prices despite the decrease in renter percentage.
Looking at the most recent data, average home prices in zip code 19115 continued to rise, reaching $354,307 in 2023 and $362,597 in 2024. This represents a 4.7% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, marking a substantial rise from the 1.68% rate in 2022. These higher interest rates may impact future homebuying activity and price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19115 will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $400,000 by 2029. For average rent prices, we expect a moderate upward trajectory, potentially reaching around $1,200 per month by 2029, assuming continued population growth and economic stability in the area.
In summary, zip code 19115 has demonstrated resilience and growth in its housing market. The area has seen a steady increase in homeownership rates coupled with significant appreciation in average home values. While rental markets have experienced some fluctuations, they show signs of stability and gradual growth. The interplay between rising home prices, increasing interest rates, and shifting ownership patterns will likely continue to shape the housing landscape in this Philadelphia neighborhood in the coming years.
