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Zip Code 19403: Rising Home Values and Stable Ownership in Audubon, 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 19403, located in Audubon, Pennsylvania, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices from 2010 to 2024. The area has maintained a relatively stable homeownership rate, hovering around 72-74%, while average home prices and average rent have shown notable fluctuations.
The homeownership rate in zip code 19403 has remained relatively stable, with a slight increase from 72% in 2015 to 74% in 2022. During this period, average home prices have shown a consistent upward trend. In 2010, the average home price was $248,826, which decreased to $228,267 in 2012 before steadily climbing to $374,146 in 2022. This represents a 50.4% increase in average home prices over the 12-year period, despite only a 2% increase in homeownership rates.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 72-73%. As interest rates began to rise in 2017, reaching 1.83% in 2018, homeownership rates showed resilience, maintaining at 72%. The low interest rate environment from 2020 to 2021 (0.38% and 0.08% respectively) corresponded with an increase in homeownership to 74% by 2022, likely due to more affordable financing options.
Renter percentages have remained relatively stable, fluctuating between 26% and 27% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,374, which increased to $1,432 in 2017 before dropping to $1,302 in 2018. By 2022, the average rent had risen again to $1,312. These fluctuations in rent prices occurred despite a steady increase in population from 41,790 in 2013 to 42,545 in 2022, suggesting that other factors beyond population growth influenced rental market dynamics.
In 2023 and 2024, the housing market in zip code 19403 continued its upward trajectory. The average home price reached $396,360 in 2023 and further increased to $414,098 in 2024, representing a 10.7% growth over these two years. This surge coincided with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially influencing buyer behavior and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 19403 will continue to rise, potentially reaching around $480,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are expected to follow a more moderate upward trajectory, potentially reaching approximately $1,550 by 2029, assuming a continuation of the modest growth pattern seen in recent years.
The most important discoveries from this analysis include the resilience of homeownership rates in the face of rising home prices, the impact of federal interest rates on homeownership trends, and the relative stability of the rental market despite population growth. The substantial increase in average home prices, particularly the acceleration seen in 2023 and 2024, suggests a robust housing market in zip code 19403. As we look ahead, the area is likely to continue experiencing growth in both home values and rental prices, with homeownership remaining an attractive option for residents despite the rising costs.
