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Zip Code 19333: Rising Home Values and Shifting Ownership Patterns in Devon, 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
Devon, located in zip code 19333 in Pennsylvania, has experienced notable shifts in its real estate landscape over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns and potential future directions. Homeownership in Devon has shown a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 71%, but by 2022, it had decreased to 70%. This slight downward trend coincides with a significant increase in average home prices. In 2013, the average home price was $433,045, which rose steadily to reach $661,513 by 2022, representing a substantial 52.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Devon shows some correlation. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 74-75%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates showed a slight decline, dropping to 70% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Devon have shown a corresponding increase as homeownership rates declined. In 2013, renters made up 29% of the population, which increased to 30% by 2022. This shift coincides with a substantial rise in average rent prices. The average rent in 2013 was $1,422, which increased to $1,762 by 2022, representing a 23.9% increase. It's worth noting that the population of Devon also grew during this period, from 7,147 in 2013 to 7,825 in 2022, potentially contributing to increased demand for rental properties.
Looking at the most recent data for 2023 and 2024, we see a continuation of the upward trend in average home prices. In 2023, the average home price in Devon reached $721,104, and in 2024, it further increased to $761,157. This represents a significant 15.1% increase from 2022 to 2024. Concurrently, federal interest rates have also risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Devon will continue to rise, potentially reaching around $900,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,000 per month within the next five years. These projections are based on the consistent upward trends observed in both home prices and rent over the past decade.
In summary, Devon has experienced a gradual shift towards renting, with a slight decrease in homeownership rates over the past decade. This trend has occurred alongside substantial increases in both average home prices and average rent prices. The recent sharp rise in interest rates may further impact the housing market dynamics in the coming years. As the community continues to grow, these trends suggest a potentially challenging environment for new homebuyers but a robust market for property investors and landlords.
