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Zip Code 19310: Rising Home Values and Resilient Ownership in Atglen, Pennsylvania
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 19310, located in Atglen, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen fluctuations in both owner-occupied and renter-occupied properties, alongside significant changes in average home values and rent prices.
The ownership percentage in zip code 19310 has shown variability, with a general trend towards increased homeownership in recent years. In 2013, the area had a 79% homeownership rate, which dipped to a low of 71% in 2017. However, by 2022, the ownership rate had rebounded strongly to 81%, indicating a growing preference for homeownership. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $191,702, which steadily rose to $328,692 by 2022, representing a remarkable 71.5% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable around 77-79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a noticeable dip in homeownership rates, reaching a low of 71% in 2017. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership, culminating in the 81% rate observed in 2022 despite rising interest rates that year.
Renter percentages in zip code 19310 have generally mirrored the inverse of homeownership trends. The renter-occupied percentage increased from 21% in 2013 to a peak of 29% in 2017, before declining to 19% in 2022. Average rent prices have shown some fluctuation but remained relatively stable compared to home prices. In 2013, the average rent was $1,177, which peaked at $1,208 in 2014 before gradually decreasing to $1,084 in 2022. This represents a slight overall decrease of about 7.9% in average rent prices from 2013 to 2022.
In 2023 and 2024, the housing market in zip code 19310 continued to show strong growth. The average home price reached $346,207 in 2023 and further increased to $363,486 in 2024, representing a 10.6% rise over these two years. This growth occurred despite high federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing in the area.
Looking ahead, based on the observed trends, we can project that average home prices in zip code 19310 will likely continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. The area could see average home prices reaching around $400,000 to $425,000 by 2029. Rent prices, which have been more stable, may see modest increases, potentially reaching an average of $1,200 to $1,250 per month in the same timeframe.
In summary, zip code 19310 has demonstrated a robust housing market with increasing homeownership rates and substantial growth in average home values. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even in the face of recent rate increases. While rent prices have remained relatively stable, the trend towards homeownership suggests a continued preference for property ownership in this Pennsylvania community.
