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Average Home Values and Ownership in Zip Code 16113: A Small Pennsylvania Borough's Housing Dynamics
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 16113, located in Clark, Pennsylvania, is a small community with a population of 94 as of 2022. This area has maintained high homeownership rates over the past decade, with a slight decrease in recent years. The average home prices and rent prices have shown an upward trend, particularly in the last few years.
Homeownership rates in zip code 16113 have remained consistently high, though there has been a slight decline from 97% in 2013 to 92% in 2022. Despite this minor decrease, the area maintains a strong owner-occupied housing market. Average home prices for this zip code are only available for 2024, standing at $204,180. The high homeownership rate suggests a relatively stable and affordable housing market in the area.
Federal interest rates have fluctuated over the years, potentially influencing homeownership rates. From 2010 to 2015, interest rates remained extremely low, below 0.2%, which typically encourages homeownership. During this period, the homeownership rate in zip code 16113 was at its peak of 97%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we see a slight decline in homeownership to 92%. This aligns with the general trend that higher interest rates can make mortgages less affordable, potentially leading to a decrease in homeownership.
Renter percentages in zip code 16113 have remained low but have shown a slight increase from 3% in 2013 to 6% in 2022. Concurrently, average rent prices have risen significantly. In 2016, the average rent was $531, which increased to $1,125 by 2022, representing a 112% increase over six years. This substantial rise in rent prices could be attributed to various factors, including increased demand for rental properties or improvements in rental unit quality. The population has fluctuated slightly during this period, from 83 in 2016 to 94 in 2022, which may have contributed to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 16113 for 2024 is $204,180. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates seen in the previous decade. This increase in interest rates could potentially impact homeownership rates and housing affordability in the coming years.
Applying predictive models based on the limited historical data available, we can forecast that average home prices in zip code 16113 may continue to rise moderately over the next five years. Average rent prices are also likely to continue their upward trajectory, potentially reaching around $1,500 by 2029 if the current trend persists.
In summary, zip code 16113 has maintained a high homeownership rate despite recent slight declines. The area has experienced significant increases in average rent prices, which may continue in the near future. The relationship between federal interest rates and homeownership rates appears to follow the expected trend, with higher rates coinciding with slightly lower homeownership. As interest rates remain elevated compared to the previous decade, it will be crucial to monitor their impact on the local housing market. The community's small population and limited housing stock make it susceptible to more pronounced effects from even minor changes in the housing market dynamics.
