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Zip Code 19335: Rising Home Values and Stable Ownership in Downingtown, 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 19335, located in Downingtown, Pennsylvania, has experienced notable changes in its real estate landscape over the past decade. This area has maintained a consistently high rate of homeownership, with average home prices showing an upward trend, while rental rates have remained relatively stable. The homeownership rate in zip code 19335 has remained remarkably steady, hovering around 80% from 2013 to 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $299,897, and by 2022, it had risen to $480,859, representing a substantial 60.3% increase over nine years. This trend suggests a strong and growing demand for homeownership in the area, despite rising prices.
Federal interest rates have played a role in shaping homeownership trends in zip code 19335. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the area maintained its high 80% homeownership rate. This stability in homeownership during periods of low interest rates indicates that residents in this zip code were able to take advantage of favorable financing conditions to either purchase homes or refinance existing mortgages.
Regarding rental trends, the percentage of renters in zip code 19335 has remained relatively constant, fluctuating between 19% and 21% from 2013 to 2022. Average rent prices have shown moderate growth over this period. In 2013, the average rent was $1,305, which increased to $1,573 by 2022, representing a 20.5% increase over nine years. This growth in rent prices, while significant, is less dramatic than the increase in home prices over the same period.
Looking at the most recent data, the average home price in zip code 19335 reached $509,407 in 2023 and further increased to $531,221 in 2024. This represents a 5.8% and 4.3% year-over-year increase in 2023 and 2024, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates seen in 2021.
Applying predictive models to forecast trends for the next five years, we can anticipate continued growth in both average home prices and rent prices in zip code 19335. Based on historical data and current market conditions, average home prices could potentially reach around $650,000 by 2029. Average rent prices may increase to approximately $1,800 per month over the same period. However, these projections are subject to various economic factors and market dynamics.
In summary, zip code 19335 demonstrates a robust real estate market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in maintaining homeownership levels despite rising home prices and fluctuating interest rates. Rental markets have experienced more moderate growth, indicating a balanced housing ecosystem. As the area continues to develop, it is likely to remain an attractive location for both homeowners and renters, with property values expected to appreciate further in the coming years.
