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Zip Code 19390: Rising Home Values and Ownership Rates in West Grove, 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
West Grove, located in zip code 19390 in Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively high rate of homeownership, with a slight increase in recent years, while average home prices have shown consistent growth. The homeownership rate in West Grove has remained fairly stable, with a slight upward trend in recent years. In 2013, the homeownership rate was 80%, and by 2022, it had increased to 81%. This increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $253,665, and by 2022, it had risen to $411,430, representing a substantial 62.2% increase over nine years.
Federal interest rates have played a role in homeownership trends in West Grove. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with a slight dip in homeownership from 80% in 2013 to 77% in 2019, before rebounding to 79% in 2020. As interest rates began to rise more significantly in 2022 to 1.68%, homeownership increased to 81%, possibly due to homebuyers seeking to lock in rates before further increases.
Renter percentages in West Grove have shown a complementary trend to homeownership rates. In 2013, the renter-occupied rate was 20%, which increased slightly to 23% by 2019. However, by 2022, it had decreased to 19%. Average rent prices have fluctuated over this period. In 2013, the average rent was $1,046, peaking at $1,332 in 2017, before decreasing to $1,158 in 2022. This represents a 10.7% increase in average rent from 2013 to 2022, despite the recent downward trend.
In 2023 and 2024, average home prices in West Grove continued to rise. The average home price reached $431,374 in 2023 and further increased to $450,830 in 2024. This represents a 9.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for West Grove. Applying a conservative annual growth rate of 4%, we estimate that by 2029, the average home price could reach approximately $548,000. For rent prices, assuming a modest 2% annual increase, we project the average rent could rise to around $1,280 by 2029.
In summary, West Grove has maintained a strong homeownership rate, with a recent uptick to 81% in 2022. Average home prices have shown substantial growth, increasing by 62.2% from 2013 to 2022, with further increases in 2023 and 2024. Rent prices, while more volatile, have also shown an overall upward trend. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the real estate landscape in this Pennsylvania borough.
