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Zip Code 19139: Evolving 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 zip code 19139 is a densely populated urban area with a rich demographic composition. Over the past decade, this neighborhood has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19139 has shown a slight decline over the years. In 2013, 41% of residents were homeowners, which increased to 42% from 2014 to 2017. However, by 2022, the homeownership rate had decreased to 39%. This trend corresponds with fluctuations in average home prices. In 2013, the average home price was $45,917, which steadily increased to $131,086 by 2022, representing a substantial 185% increase over this period. The inverse relationship between declining homeownership rates and rising home prices suggests that affordability may be a factor in the shift towards renting in this area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates remained stable at 42%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 39%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in zip code 19139 has increased correspondingly. In 2013, 59% of residents were renters, which grew to 61% by 2022. Average rent prices have also risen, albeit less dramatically than home prices. In 2013, the average rent was $858, increasing to $907 by 2022, a 5.7% increase. The population grew from 43,078 in 2013 to 45,138 in 2022, potentially contributing to increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, we observe a slight correction in the housing market. The average home price in 2023 decreased to $118,765, a 9.4% drop from 2022. However, there's a minor uptick to $119,419 in 2024. Interestingly, this occurs alongside significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may be influencing buyer behavior and home prices.
Looking ahead, predictive models suggest that average home prices in zip code 19139 may continue to experience moderate growth over the next five years, potentially reaching around $140,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe, driven by ongoing demand for rental properties in this urban area.
In summary, zip code 19139 has seen a shift towards renting, with homeownership rates declining as average home prices have significantly increased. The rental market has grown, with both the percentage of renters and average rent prices rising. Recent data shows a slight cooling in the housing market, possibly influenced by higher interest rates. These trends reflect the dynamic nature of this Philadelphia neighborhood's real estate market and suggest continued evolution in the coming years.
