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Zip Code 19608: Rising Home Values and Stable Ownership in Gouglersville
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 19608, located in Gouglersville, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen a steady increase in population and fluctuations in homeownership rates, average home prices, and average rent prices, making it an interesting case study for real estate trends.
The homeownership rate in zip code 19608 has remained relatively stable, with a slight decrease from 77% in 2013 to 76% in 2022. During this same period, average home prices have shown a strong upward trend. In 2013, the average home price was $206,326, which increased to $337,168 by 2022, representing a substantial 63.4% growth over nine years. This trend suggests that despite rising home prices, the area has maintained a high rate of homeownership.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the homeownership rate remained steady at 77%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership to 76% in 2018, which has since stabilized. This correlation suggests that while interest rates influence homeownership, other factors such as local economic conditions and housing supply also play important roles in this zip code.
The percentage of renters in zip code 19608 has seen a modest increase from 21% in 2013 to 24% in 2022. Concurrently, average rent prices have risen from $1,078 in 2013 to $1,289 in 2022, an increase of 19.6% over nine years. This growth in both renter population and average rent prices indicates a strengthening rental market, possibly driven by the area's population growth from 23,771 in 2013 to 25,172 in 2022, a 5.9% increase.
In 2023, the average home price in zip code 19608 reached $353,945, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $366,071, while interest rates rose to 5.33%. These figures represent a continuation of the upward trend in both home prices and interest rates observed in previous years.
Looking ahead, predictive models suggest that average home prices in zip code 19608 are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and demand for housing. However, the rate of increase may slow if new housing developments increase supply to meet growing demand.
In summary, zip code 19608 has demonstrated a robust housing market characterized by steady homeownership rates despite rising home prices. The area has seen significant appreciation in property values and a growing rental market, reflecting its increasing population and desirability. The interplay between federal interest rates, local economic factors, and population growth continues to shape the housing landscape in this Pennsylvania community.
