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Zip Code 19505: Rising Home Values and Fluctuating Ownership Rates in Bechtelsville, 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 19505, located in Bechtelsville, Pennsylvania, has experienced notable shifts in its housing landscape 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.
Examining the trends between ownership percentage and average home prices reveals an interesting pattern. In 2013, the homeownership rate was 86%, with average home prices at $186,465. As average home prices steadily increased to $283,941 by 2022, homeownership rates experienced some fluctuation but ultimately declined to 83% in 2022. This suggests that rising home prices may have made homeownership less attainable for some residents.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. From 2013 to 2016, as interest rates remained low (ranging from 0.11% to 0.40%), homeownership rates decreased from 86% to 79%. However, as interest rates began to rise more significantly from 2017 (1%) to 2022 (1.68%), homeownership rates stabilized and even increased slightly to 83% by 2022. This trend suggests that other local factors may have influenced homeownership rates more strongly than interest rates alone.
Renter percentages and average rent prices in zip code 19505 have shown an interesting relationship. In 2013, the renter percentage was 14% with an average rent of $1,135. As the renter percentage increased to 22% by 2018, average rent prices also rose to $1,193. However, from 2020 to 2022, despite a decrease in the renter percentage from 21% to 17%, average rent prices fluctuated, dropping to $1,048 in 2020 before rising again to $1,056 in 2022. This suggests that factors beyond simple supply and demand, such as local economic conditions or housing policies, may be influencing rent prices.
Looking at the most recent data for 2023 and 2024, average home prices in zip code 19505 have continued to rise, reaching $299,502 in 2023 and $310,694 in 2024. This represents a significant increase from the 2022 average of $283,941. Concurrently, federal interest rates have also increased substantially, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, potentially reaching around $350,000 by 2029. Average rent prices may also see a moderate increase, potentially approaching $1,200 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 19505 has experienced a gradual decline in homeownership rates despite rising average home prices over the past decade. Renter percentages have fluctuated, with average rent prices showing some volatility. The recent sharp increase in both average home prices and interest rates may pose challenges for potential homebuyers in the coming years. As the housing market continues to evolve, it will be crucial to monitor these trends and their impact on the local community.
