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Average Home Values and Ownership in Zip Code 16301: Sugarcreek's Resilient Housing Market
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 16301, located in Sugarcreek, Pennsylvania, presents an interesting case study of housing trends in a small urban area. Over the past decade, this region has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 16301 has remained relatively stable, hovering around 70% from 2013 to 2022. However, there have been slight variations, with the rate dropping to its lowest point of 67% in 2020 before rebounding to 69% in 2022. Interestingly, average home prices have shown a more pronounced upward trend during this period. In 2013, the average home price was $55,595, and it steadily increased to reach $82,272 by 2022, representing a significant 48% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't always follow the expected inverse correlation. For instance, despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained steady at 70%. However, as interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), we saw a slight dip in homeownership to 67% by 2020. This suggests that while interest rates play a role, other local factors may have a more substantial impact on homeownership in this area.
Renter percentages in zip code 16301 have mirrored the homeownership trends, naturally fluctuating between 30% and 33% from 2013 to 2022. Average rent prices have shown some volatility during this period. Starting at $608 in 2013, rents dipped to $565 in 2016 before climbing to $684 in 2021, representing a 21% increase from the 2016 low. However, 2022 saw a decrease to $636, possibly reflecting changes in local economic conditions or housing supply.
Looking at the most recent data, the average home price in zip code 16301 rose to $83,016 in 2023 and further increased to $86,144 in 2024. This represents a 4.7% increase from 2022 to 2024, indicating continued growth in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 16301 to continue their upward trajectory, potentially reaching around $95,000 by 2029. This projection is based on the consistent growth observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $700 per month by 2029, accounting for the recent fluctuations and overall upward trend.
In summary, zip code 16301 demonstrates a relatively stable housing market with a strong preference for homeownership. Despite rising home prices, the area has maintained a high rate of owner-occupied housing. The recent sharp increase in interest rates, coupled with steadily rising home prices, may pose challenges for future homebuyers. However, the consistent growth in property values suggests ongoing demand and potential for investment in this market.
