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Zip Code 19122: Philadelphia's Dynamic Housing Market - Average Home Values Double Amid Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Philadelphia's zip code 19122 presents a compelling case study of urban housing dynamics, characterized by significant changes in homeownership rates and property values over the past decade. This area has experienced a general trend of decreasing homeownership alongside increasing average home and rent prices, reflecting broader urban housing market pressures.
The homeownership rate in zip code 19122 has shown a slight decline over the years, with some fluctuations. In 2013, the homeownership rate was 38%, reaching a peak of 41% in 2019 before declining to 37% in 2022. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $125,446, which more than doubled to $311,279 by 2022. This inverse relationship suggests that rising home prices may have made homeownership less attainable for many residents in the area.
Federal interest rates have played a role in these housing market dynamics. The period from 2013 to 2022 saw historically low interest rates, ranging from 0.11% to 1.68%. Despite these low rates, which typically encourage homeownership, the ownership percentage in zip code 19122 remained relatively stable or slightly decreased. This suggests that other factors, such as rapidly increasing home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers in this area.
The renter population in zip code 19122 has generally increased, with the percentage of renters rising from 61% in 2013 to 63% in 2022. This trend aligns with the rise in average rent prices, which increased from $875 in 2013 to $1,031 in 2022. The growing renter population and rising rent prices could be attributed to the area's increasing popularity, possibly due to its proximity to urban amenities or educational institutions. The population growth from 19,444 in 2013 to 23,531 in 2022 further supports this hypothesis.
Looking at the most recent data, the average home price in zip code 19122 was $303,439 in 2023 and $304,368 in 2024, showing a slight increase. This comes amid higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19122 will continue to rise, albeit at a slower pace due to higher interest rates. We project the average home price could reach approximately $330,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,200 per month in the same timeframe, driven by continued demand for rental properties in this urban area.
In summary, zip code 19122 has experienced a significant increase in both average home prices and average rent prices over the past decade, accompanied by a slight decrease in homeownership rates. The area's growing population and the broader trend of urban revitalization likely contribute to these changes. As the housing market continues to evolve, balancing affordability with demand will be crucial for maintaining a diverse and vibrant community in this Philadelphia neighborhood.
