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Zip Code 19129: Rising Home Values and Shifting Ownership Patterns 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
Zip code 19129, located in Philadelphia, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area, known for its proximity to Fairmount Park and the Schuylkill River, has seen fluctuations in homeownership rates and property values that reflect broader economic trends and local market dynamics.
The homeownership rate in zip code 19129 has shown a slight decline over the years, dropping from 53% in 2014 to 49% in 2022. This trend coincides with an overall increase in average home prices, which rose from $182,720 in 2014 to $286,881 in 2022, representing a significant 57% increase over eight years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw relatively stable homeownership rates around 51-53%, coinciding with historically low interest rates below 0.5%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates dipped to 48% in 2017 before stabilizing at 49-50% in subsequent years. This pattern aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in zip code 19129 have shown a corresponding increase, rising from 47% in 2014 to 51% in 2022. This shift towards renting has been accompanied by a steady increase in average rent prices, which climbed from $1,196 in 2014 to $1,244 in 2022, an increase of 4% over eight years. The population in the zip code has fluctuated, decreasing from 11,760 in 2014 to a low of 10,766 in 2018, before rebounding to 12,137 in 2022. This recent population growth may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 19129 continued its upward trajectory. The average home price reached $293,023 in 2023 and further increased to $299,889 in 2024, representing a 2.3% and 4.5% rise from 2022, respectively. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 19129 may continue to rise over the next five years, potentially reaching around $325,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 19129 has experienced a gradual shift towards renting, with a slight decrease in homeownership rates over the past decade. This trend has occurred alongside substantial increases in average home prices and more modest growth in average rent prices. The area's recent population growth and the interplay between federal interest rates and housing affordability have been key factors shaping these trends. As the market continues to evolve, balancing housing affordability with property value appreciation will likely remain a central challenge for this Philadelphia neighborhood.
