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Zip Code 19475: Rising Home Values and Stable Ownership in Spring City, 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 19475, located in Spring City, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 19475 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate was 69%, which increased to 74% by 2016. However, it dipped slightly to 72% in 2022. During this period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $252,898, which steadily increased to $417,766 by 2022, representing a substantial 65% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow general economic principles. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the area saw its highest homeownership rates of 73-74%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership, though it remained relatively high at 72% in 2022.
Renter percentages in zip code 19475 have shown an inverse relationship to homeownership rates, as expected. The renter-occupied percentage was 29% in 2013, decreased to 24% by 2016, and then increased slightly to 28% by 2022. Average rent prices have shown some volatility but with an overall upward trend. In 2013, the average rent was $875, which increased to $1,052 by 2019. However, there was a notable decrease to $852 in 2022, possibly influenced by broader economic factors or local market conditions.
In 2023 and 2024, the housing market in zip code 19475 continued its upward trajectory. The average home price reached $435,934 in 2023 and further increased to $454,295 in 2024, representing a 4.3% year-over-year growth. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow down housing price increases.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 19475 may continue to rise, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might suggest a 3-4% annual increase over the next five years, potentially reaching around $525,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and increase gradually, possibly reaching around $1,100-$1,200 per month in the same timeframe.
In summary, zip code 19475 has demonstrated a robust and growing housing market over the past decade. Despite some fluctuations, homeownership rates have remained relatively high, while average home prices have shown consistent appreciation. The rental market has been more volatile but generally trended upwards. The area's ability to maintain strong home values even in the face of rising interest rates suggests a desirable location with sustained demand for housing.
