Home Values in Conshohocken, Oreland, and Glenside Skyrocket Since 2004
The overall housing market in the United States has recovered from the crisis that plunged the country into recession. But a new analysis by The Washington Post shows that the recovery has been deeply uneven along lines of race, income, and geography.
The data indicates that, in Montgomery County, the Conshohocken, Oreland, and Glenside zip codes experienced astronomical increases in home value.
The Post’s study was conducted using data from Black Knight Financial Services spanning 2004 through 2015, and it shows how the nation’s housing recovery has increased inequality.
In Montgomery County:
- Homes in 19428 (Conshohocken) are worth $66,521 more than in 2004, a 28 percent increase.
- Homes in 19075 (Oreland) are worth $59,266 more than in 2004, a 24 percent increase.
- Homes in 19038 (Glenside) are worth $55,878 more than in 2004, a 24 percent increase.
Homes in Wayne (19087) – parts of which are in Chester, Delaware, and Montgomery counties – are worth $90,287 more than in 2004, a 21 percent increase.
On the other end of the spectrum is Line Lexington (18932), which is located in both Montgomery and Bucks counties. Homes there are worth $12,555 less than in 2004, a five percent decrease. Also, homes in Cheltenham (19012) are worth $9,204 less than in 2004, a four percent decrease.
According to the Post, the disparity helps explain why the economic recovery feels incomplete.
Nationally, while a typical single-family home has gained less than 14 percent in value since 2004, homes in the most expensive neighborhoods have gained 21 percent. Regional factors such as the Western energy boom explain some differences, but in many cities the housing market’s arc has deepened disparities between the rich and everyone else.
In good times, housing converts income into wealth. It turns a paycheck into the next generation’s inheritance. But in neighborhoods that haven’t weathered the past decade as well, homes have become a source of debt, a physical trap, and an obstacle to life’s other goals.
Click here to read more about home values in Montgomery County in The Washington Post.
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