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Zip Code 19510: Rising Home Values and Strong Ownership in Blandon, 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 19510, located in Blandon, Pennsylvania, has experienced significant changes in homeownership rates and property values over the past decade. This area has maintained a high rate of owner-occupied housing, with a notable increase in average home prices and average rent costs.
The ownership percentage in zip code 19510 has shown a steady upward trend, rising from 84% in 2013 to 90% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $182,354, which grew to $301,229 by 2022, representing a 65% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 19510. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 84% to 86%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 90% by 2022. This suggests that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have had a stronger influence on homeownership in this area.
The renter percentage in zip code 19510 has fluctuated over the years, starting at 8% in 2013, peaking at 14% in 2018 and 2019, and then decreasing to 10% by 2022. Interestingly, average rent prices have shown a consistent upward trend during this period. The average rent increased from $949 in 2013 to $1,113 in 2022, a 17% rise. The population of the zip code has also grown from 5,735 in 2013 to 5,982 in 2022, which may have contributed to the increased demand for rental properties and subsequent rise in average rent prices.
In 2023 and 2024, the housing market in zip code 19510 continued to show strength. The average home price reached $318,887 in 2023 and further increased to $331,506 in 2024, representing a 10% growth over two years. This occurred despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating a resilient local housing market.
Looking ahead, predictive models suggest that the upward trend in both average home prices and average rent prices is likely to continue over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $385,000 by 2029. Average rent prices are expected to follow a similar trajectory, with an estimated annual increase of 2-4%, potentially reaching $1,300 per month by 2029.
In summary, zip code 19510 has demonstrated a strong trend towards homeownership, with rates reaching 90% by 2022. This has been accompanied by significant growth in average home prices and a steady increase in average rent prices. Despite rising interest rates, the local housing market has shown resilience, with continued price appreciation in 2023 and 2024. These trends, coupled with population growth, suggest a robust and desirable housing market in this area for the foreseeable future.
