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Average Home Values and Ownership in Zip Code 15767: Groundhog Day's Home Shows Steady Growth
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 15767, located in Punxsutawney, Pennsylvania, is known for its famous Groundhog Day celebrations. This area has experienced relatively stable homeownership rates and gradual increases in average home and rent prices over the past decade.
The homeownership rate in zip code 15767 has remained fairly consistent, with slight fluctuations between 71% and 74% from 2013 to 2022. During this period, average home prices have shown a general upward trend. In 2013, the average home price was $91,362, which increased to $108,602 by 2022, representing an 18.9% rise over nine years. Notably, there was a significant jump in average home prices from $99,691 in 2019 to $111,115 in 2020, a 11.5% increase in just one year.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (below 0.5%), homeownership rates in the area remained stable at around 72-74%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates showed slight variations but generally stayed within the 71-73% range. This suggests that while interest rates influence homeownership, other local factors may have helped maintain relatively stable ownership rates in this zip code.
Renter percentages in zip code 15767 have shown minor fluctuations, ranging from 26% to 29% between 2013 and 2022. Average rent prices have steadily increased during this period. In 2013, the average rent was $661, which rose to $782 by 2022, marking an 18.3% increase over nine years. A notable spike occurred in 2021 when the average rent reached $847, the highest in the observed period, before slightly decreasing in 2022.
In 2023, the average home price in zip code 15767 was $107,941, showing a slight decrease from the previous year. However, in 2024, the average home price has increased to $110,999, indicating a recovery in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, the housing market in this area appears to be maintaining its value.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in zip code 15767 will continue to rise moderately over the next five years. We can expect average home prices to potentially reach around $120,000 to $125,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $850 to $900 per month in the same timeframe.
In summary, zip code 15767 has demonstrated a resilient housing market with stable homeownership rates and steadily increasing property values and rent prices. Despite fluctuations in federal interest rates, the area has maintained a consistent balance between owners and renters. The recent uptick in average home prices, even in the face of higher interest rates, suggests a robust local real estate market that is likely to continue its growth trajectory in the coming years.
