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Zip Code 19134: Rising Home Values and Ownership Rates in Philadelphia's Resilient Housing 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
Zip code 19134, located in Philadelphia, Pennsylvania, has experienced significant shifts in homeownership rates and property values over the past decade. This area, known for its diverse community and historic charm, has seen a notable increase in homeownership and fluctuating average home and rent prices.
The homeownership rate in zip code 19134 has shown a steady upward trend, increasing from 51% in 2013 to 55% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $54,991, which more than doubled to $121,283 by 2022. The most dramatic increase occurred between 2020 and 2021, when average home prices jumped from $106,881 to $124,121, a 16% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2022 saw historically low interest rates, ranging from 0.11% to 1.68%. These low rates likely contributed to the increased homeownership, as they made mortgages more affordable for potential buyers. The rise in homeownership from 51% in 2013 to 56% in 2021 coincided with interest rates remaining below 2.16% during this period.
Conversely, as homeownership increased, the percentage of renters decreased from 49% in 2013 to 45% in 2022. Despite this decline, average rent prices showed an overall upward trend. The average rent rose from $956 in 2013 to $991 in 2022, with some fluctuations in between. Notably, there was a significant jump in average rent from $972 in 2020 to $1,092 in 2021, a 12.3% increase, before dropping back to $991 in 2022. These rent price changes occurred while the population remained relatively stable, suggesting that other factors such as housing demand and local economic conditions influenced rent prices.
In 2023 and 2024, the zip code experienced a shift in housing market dynamics. The average home price decreased to $107,830 in 2023 and slightly increased to $108,286 in 2024. This represents a significant cooling of the market compared to the peak of $124,121 in 2021. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, which likely contributed to the moderation in home prices.
Looking ahead, predictive models suggest a potential stabilization in both home prices and rent over the next five years. Average home prices are expected to show modest growth, potentially reaching around $115,000 by 2029. Rent prices may continue to fluctuate but are predicted to maintain an upward trajectory, possibly reaching an average of $1,150 per month by 2029.
In summary, zip code 19134 has seen a significant increase in homeownership rates and average home prices over the past decade, influenced by low interest rates and local market dynamics. The recent cooling of the housing market, coupled with rising interest rates, suggests a period of stabilization ahead. Rent prices, while showing an overall upward trend, have experienced fluctuations and are expected to continue rising moderately in the coming years.
