The rental market in zip code 19317 has shown interesting trends as well. The percentage of renters increased from 15% in 2013 to 19% in 2022. This rise in renter occupancy coincided with a significant increase in average rent prices, which grew from $1,857 in 2013 to $1,918 in 2022. Notably, there was a sharp increase in average rent prices between 2019 and 2021, peaking at $2,436 in 2021, before moderating to $1,918 in 2022. This fluctuation may be attributed to changing housing preferences and economic conditions during the COVID-19 pandemic.

Looking at the most recent data, average home prices in zip code 19317 continued to rise, reaching $640,274 in 2023 and $670,585 in 2024. This represents a further 11.9% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19317 will continue to appreciate, albeit at a more moderate pace. The rate of increase is expected to slow down due to higher interest rates, potentially reaching around $750,000 by 2029. Average rent prices are projected to follow a similar upward trajectory, potentially reaching $2,200 to $2,400 per month by 2029, reflecting ongoing demand for rental properties in the area.

In summary, zip code 19317 has experienced a notable shift in its housing market over the past decade. The area has seen a gradual decrease in homeownership rates, coupled with significant increases in both average home prices and rent prices. The interplay between rising property values, changing interest rates, and evolving housing preferences has reshaped the local real estate landscape. As the market continues to evolve, these trends are likely to have lasting impacts on the community's demographic composition and housing affordability.