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Average Home Values and Ownership in Zip Code 16372: A Stable Rural 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 16372, encompassing Clintonville in Pennsylvania, is a small rural area with a unique demographic profile. This analysis explores the trends in homeownership, average home prices, and average rent prices in this zip code from 2010 to 2024. The homeownership rate in zip code 16372 has remained relatively stable over the years, with a slight decrease observed recently. In 2013, the homeownership rate was 80%, which remained constant until 2019 when it dropped to 60%. This rate has since stabilized at 60% from 2019 to 2022. During this period, average home prices in the area have shown a consistent upward trend. In 2012, the average home price was $63,638, which increased steadily to $110,238 by 2022, representing a substantial 73% increase over a decade.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical pattern observed in larger markets. Despite historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, the homeownership rate in the area remained stable at 80% for most of this period before decreasing to 60% in 2019. This suggests that other local factors may have a more significant influence on homeownership in this small community than national interest rate trends.
Renter percentages in zip code 16372 have remained constant at 20% from 2013 to 2022, indicating a stable rental market. Average rent prices have fluctuated over the years but generally show an upward trend. In 2013, the average rent was $577, which decreased to $530 in 2015 before rising again to $600 in 2022, representing a modest 4% increase over the nine-year period. The stability in renter percentages, despite the small population increase from 11 in 2010 to 13 in 2022, suggests a balanced housing market in this zip code.
In 2023 and 2024, average home prices in zip code 16372 continued their upward trajectory. The average home price in 2023 was $110,284, showing a slight increase from 2022. In 2024, the average home price rose to $115,901, representing a 5.1% increase from the previous year. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 16372 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We estimate that by 2029, average home prices could reach approximately $130,000 to $135,000. Average rent prices are also expected to increase, potentially reaching around $650 to $675 by 2029, assuming the current trend continues.
In summary, zip code 16372 demonstrates a stable housing market with a gradual increase in average home prices and a slight decrease in homeownership rates. The rental market remains consistent, with modest growth in average rent prices. Despite its small size, this zip code shows resilience in its housing market, with steady appreciation in property values over the years.
