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Average Home Values and Ownership in Halifax, PA Zip Code 17032: A Decade of Growth and Change
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 17032, located in Halifax, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a gradual increase in homeownership while navigating fluctuations in average home and rent prices.
The ownership percentage in zip code 17032 has shown a steady upward trend, rising from 80% in 2013 to 85% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $149,709, which climbed to $242,643 by 2022, representing a substantial 62% increase over nine years. This trend suggests a growing preference for homeownership in the area, despite rising property values.
Federal interest rates have played a role in shaping homeownership trends in zip code 17032. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership increased from 80% to 82%, likely influenced by favorable borrowing conditions. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, reaching 85%, indicating a strong local housing market resilient to moderate interest rate increases.
Conversely, the renter percentage in zip code 17032 has decreased from 20% in 2013 to 15% in 2022. This decline in renters occurred alongside fluctuations in average rent prices. In 2013, the average rent was $787, which decreased to $635 by 2016. However, rent prices then saw a sharp increase to $885 in 2020, before dropping again to $865 in 2022. These fluctuations in rent prices, coupled with the decreasing renter population, suggest a shifting preference towards homeownership in the area.
The years 2023 and 2024 have seen continued growth in average home prices in zip code 17032. In 2023, the average home price reached $260,268, a 7.3% increase from 2022. This upward trend persisted into 2024, with prices further rising to $268,765, marking a 3.3% increase from the previous year. Notably, federal interest rates have also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 17032 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices may stabilize or see moderate increases as the rental market adjusts to the reduced renter population and overall housing market conditions.
In summary, zip code 17032 has demonstrated a clear trend towards increased homeownership, with a corresponding rise in average home prices. The area has shown resilience in its housing market, maintaining growth despite fluctuations in interest rates and economic conditions. The declining renter population and variable rent prices further underscore the shift towards a predominantly owner-occupied housing landscape in this Pennsylvania borough.
