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Zip Code 19560: Temple, Pennsylvania's Resilient Housing Market Amid Rising Home Values
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 19560, located in Temple, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with some fluctuations in recent years.
From 2013 to 2022, the percentage of owner-occupied housing in zip code 19560 increased from 78% to 82%. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $128,887, which steadily increased to $218,992 by 2022, representing a 70% increase over this period. The peak of homeownership was observed in 2016, 2018, and 2021-2022, when it reached 82%.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite the Federal Reserve maintaining historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates remained relatively stable, hovering between 78% and 82%. This suggests that other local factors may have played a more significant role in influencing homeownership decisions in this area.
Conversely, the percentage of renters in zip code 19560 decreased from 22% in 2013 to 18% in 2022. During this period, average rent prices increased from $929 in 2013 to $1,153 in 2022, a 24% increase. Interestingly, the highest average rent was recorded in 2021 at $1,259, coinciding with one of the lowest renter occupancy rates of 18%. The population in this zip code has shown some fluctuation, growing from 8,109 in 2013 to 8,277 in 2022, which may have influenced the demand for rental properties.
In 2023 and 2024, average home prices in zip code 19560 continued to rise, reaching $231,849 in 2023 and $244,810 in 2024. This represents a 5.6% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly, rising from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $300,000 by 2029, assuming a consistent growth rate similar to recent years. Average rent prices might increase to approximately $1,400 per month in the same timeframe, following the upward trend observed since 2013.
In summary, zip code 19560 has demonstrated a strong preference for homeownership, with rates consistently above 78% since 2013. The area has seen substantial growth in average home prices, particularly in recent years, despite fluctuations in federal interest rates. While the renter population has decreased slightly, average rent prices have shown a steady increase. These trends suggest a robust and growing housing market in this Pennsylvania community, with a continued emphasis on homeownership.
