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Zip Code 19525: Rising Home Values and High Ownership Rates in Gilbertsville, 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 19525, located in Gilbertsville, Pennsylvania, has experienced significant growth and changes in its housing market over the past decade. This area has consistently maintained a high rate of homeownership, with a slight increase in recent years, while also seeing substantial rises in average home prices and average rent costs. The homeownership rate in zip code 19525 has shown a steady upward trend, increasing from 89% in 2013 to 91% in 2022. This rise in homeownership coincides with a notable increase in average home prices. In 2013, the average home price was $261,298, which steadily climbed to $435,584 by 2022, representing a 66.7% increase over nine years. This trend suggests a strong correlation between rising home values and the growing preference for homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 19525. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate remained stable at 89%, indicating the area's resilience to moderate interest rate increases.
The rental market in zip code 19525 has experienced fluctuations in both percentage of renters and average rent prices. The percentage of renters decreased slightly from 11% in 2018 to 9% in 2022. Despite this decrease, average rent prices have shown an overall upward trend. In 2013, the average rent was $1,162, which increased to $1,185 by 2022, representing a 2% rise. The population growth from 15,470 in 2013 to 17,698 in 2022 may have contributed to the pressure on rental prices despite the decreasing percentage of renters.
In 2023 and 2024, the housing market in zip code 19525 continued to evolve. The average home price reached $451,254 in 2023 and further increased to $463,796 in 2024, marking a 3.6% and 6.5% rise from 2022, respectively. This growth occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of rising borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 19525 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to the higher interest rate environment. Average rent prices are also expected to increase, driven by the area's continued population growth and the high cost of homeownership, which may push more residents towards renting.
In summary, zip code 19525 has demonstrated a strong preference for homeownership, with rates reaching 91% by 2022. The area has seen substantial growth in average home prices, nearly doubling over a decade, while maintaining a relatively stable rental market. Despite recent increases in interest rates, the housing market has shown resilience, with continued price appreciation in 2023 and 2024. These trends point to a robust and desirable housing market in Gilbertsville, with expectations of further growth in both home values and rental prices in the coming years.
