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Zip Code 19119: Rising Home Values and Stable Ownership in Philadelphia's Resilient Real Estate Market
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
The zip code 19119, located in Philadelphia, Pennsylvania, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience in its housing market, with a general trend towards increased property values and a relatively stable balance between owners and renters.
The homeownership rate in zip code 19119 has remained relatively stable, with slight fluctuations between 61% and 64% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $206,442, which increased to $337,726 by 2022, representing a substantial 63.6% increase over nine years. This rise in property values did not significantly impact homeownership rates, suggesting a robust local economy and sustained demand for homeownership in the area.
Federal interest rates have played a role in homeownership trends in zip code 19119. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates remained steady at around 61-63%. As interest rates began to rise more substantially from 2017 (1.00%) to 2019 (2.16%), homeownership rates actually increased slightly to 63%, indicating that other local factors may have offset the potential negative impact of rising interest rates on home purchases.
Renter percentages in zip code 19119 have shown a slight increase from 36% in 2016 to 39% in 2022. This trend coincides with a rise in average rent prices, which increased from $1,089 in 2016 to $1,129 in 2022, a 3.7% increase. The population in the zip code has remained relatively stable during this period, fluctuating between 28,000 and 29,500 residents, which suggests that the increase in renters may be due to factors such as changing demographics or housing preferences rather than significant population growth.
In 2023 and 2024, the housing market in zip code 19119 showed signs of stabilization. The average home price in 2023 was $337,465, a slight decrease from 2022, but it rebounded to $351,965 in 2024. This represents a 4.3% increase from 2023 to 2024. This growth occurred despite the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local market fundamentals.
Looking ahead, based on historical trends and current market conditions, we can forecast the following 5-year trends for zip code 19119:
Average home prices are projected to continue their upward trajectory, albeit at a more moderate pace. We estimate an annual growth rate of 3-5%, which could bring the average home price to approximately $410,000-$450,000 by 2029.
Average rent prices are expected to increase gradually, potentially reaching $1,300-$1,400 per month by 2029, assuming a 2-3% annual increase.
In summary, zip code 19119 has demonstrated a resilient housing market with steadily increasing property values and a balanced mix of homeowners and renters. The area has shown the ability to maintain relatively stable homeownership rates despite rising home prices and fluctuating interest rates. The recent stabilization in home prices and the continued growth in 2024 suggest a strong local market that may continue to attract both homeowners and renters in the coming years.
