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Zip Code 19320: Average Home Values and Ownership Trends in Coatesville, 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 19320, located in Coatesville, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area, covering 84.27 square miles, has seen a steady increase in population and notable shifts in homeownership rates and housing prices.
The ownership percentage in zip code 19320 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 74%, which slightly decreased to 71% by 2022. During this same period, average home prices in the area demonstrated a clear upward trend. In 2013, the average home price was $192,383, which steadily increased to $312,923 by 2022, representing a substantial 62.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate actually decreased slightly from 74% to 71%. This suggests that other factors, such as local economic conditions or housing availability, may have had a stronger influence on homeownership trends in this area than interest rates alone.
Renter percentages in zip code 19320 have shown a slight increase, moving from 26% in 2013 to 29% in 2022. Concurrently, average rent prices have also risen, albeit with some fluctuations. In 2013, the average rent was $1,313, which increased to $1,387 by 2022, representing a 5.6% increase. It's worth noting that the population grew from 52,725 in 2013 to 55,934 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
As of 2024, the average home price in zip code 19320 has reached $344,764, showing a continued upward trajectory from the 2022 figure. This represents a 10.2% increase from 2022 to 2024. Concurrently, the federal interest rate has risen significantly to 5.33% in 2024, potentially impacting future homebuying decisions in the area.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 19320 are likely to continue their upward trends over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $400,000 by 2029. Average rent prices may also see steady increases, potentially surpassing $1,500 per month within the same timeframe.
In summary, zip code 19320 has experienced a slight decrease in homeownership rates despite rising home values, indicating a resilient demand for housing in the area. The rental market has seen moderate growth in both percentage of renters and average rent prices. With continued population growth and rising property values, this zip code appears to be maintaining its appeal for both homeowners and renters, despite the challenges of affordability that come with increasing prices and interest rates.
