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Zip Code 19343: High Homeownership and Rising Home Values in Glenmoore, 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 19343, located in Glenmoore, Pennsylvania, is a predominantly owner-occupied area characterized by stable homeownership rates and steadily increasing average home prices. This suburban community has experienced moderate population growth and fluctuations in recent years, with a population of 9,014 in 2022.
The homeownership rate in zip code 19343 has remained remarkably consistent, hovering around 90% throughout the analyzed period. In 2013, the area had a 90% homeownership rate, which remained steady through 2022. This high rate of homeownership suggests a strong preference for property ownership in the community. Concurrently, average home prices have shown a significant upward trend. In 2010, the average home price was $365,767, which grew to $576,264 by 2022, representing a 57.5% increase over 12 years.
Federal interest rates have played a role in supporting homeownership in the area. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This low-interest environment likely contributed to maintaining the high homeownership rate by making mortgages more affordable. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate in zip code 19343 remained stable at 90%.
The rental market in zip code 19343, while smaller, has also seen changes. The percentage of renters has fluctuated slightly, from 10% in 2013 to 11% in 2022. Average rent prices have shown an overall upward trend, increasing from $1,288 in 2013 to $1,329 in 2022, a 3.2% rise. This modest increase in rent prices, coupled with the area's population growth from 9,260 in 2013 to 9,014 in 2022, suggests a relatively stable rental market despite the strong preference for homeownership.
In 2023 and 2024, the housing market in zip code 19343 continued its upward trajectory. The average home price reached $604,599 in 2023 and further increased to $625,185 in 2024, representing a 4.9% and 3.4% year-over-year growth, respectively. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 19343 are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, possibly at a rate slightly above inflation, as demand for rental properties may grow if higher interest rates make homeownership less accessible for some residents.
In summary, zip code 19343 demonstrates a strong and stable homeownership market with consistently high owner-occupancy rates and steadily appreciating home values. The rental market, while smaller, has shown moderate growth in both occupancy and prices. The area's resilience in maintaining high homeownership rates despite recent interest rate increases suggests a robust local housing market with potential for continued growth in both home values and rental prices in the coming years.
