Loading Content...
Zip Code 19518: Rising Home Values and High Ownership Rates in Amity Gardens, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 19518, located in Amity Gardens, Pennsylvania, has shown significant growth and change over the past decade. This area has experienced a steady increase in population, coupled with fluctuations in homeownership rates and housing prices. The overall trend indicates a strong preference for homeownership, with average home prices rising consistently, while average rent prices have also seen an upward trajectory.
Homeownership rates in zip code 19518 have remained relatively stable, with a slight upward trend over the years. In 2013, the homeownership rate was 84%, which increased to 85% by 2022. This stability in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $218,874, which rose dramatically to $370,717 by 2022, representing a 69.4% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite fluctuations in interest rates, homeownership rates have remained relatively stable. For instance, when interest rates dropped from 2.16% in 2019 to 0.38% in 2020, homeownership rates only slightly decreased from 86% to 83%. This suggests that other factors, such as local economic conditions or housing supply, may have a more significant impact on homeownership in this area than interest rates alone.
Renter percentages in zip code 19518 have remained relatively low, fluctuating between 13% and 17% from 2013 to 2022. Interestingly, average rent prices have shown a more volatile trend compared to homeownership rates. In 2013, the average rent was $905, which increased to $1,424 by 2018, representing a 57.3% increase. However, rent prices then decreased to $1,210 by 2022. This fluctuation in rent prices, coupled with the area's growing population (from 14,695 in 2013 to 16,026 in 2022), suggests a complex rental market influenced by factors such as housing supply and local economic conditions.
Looking at the most recent data, average home prices in zip code 19518 continued to rise, reaching $390,202 in 2023 and $408,090 in 2024. This represents a 10.1% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust demand for housing in this area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 19518 to continue their upward trajectory, potentially reaching around $475,000 by 2029. This projection is based on the historical growth rate and assumes continued demand in the area. Average rent prices may stabilize and show moderate growth, potentially reaching approximately $1,400 by 2029, assuming the area maintains its current balance between homeownership and rental properties.
In summary, zip code 19518 demonstrates a strong preference for homeownership, with consistently high rates despite rising home prices. The area has shown resilience in maintaining homeownership levels even during periods of interest rate fluctuations. The rental market, while smaller, has experienced more volatility in pricing. The continued rise in both population and home prices suggests a desirable living environment with potential for further growth and development in the coming years.
