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Average Home Values and Ownership in Zip Code 16648: Resilient Hollidaysburg 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 16648, located in Hollidaysburg, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its historic charm and small-town atmosphere, has seen interesting trends in its real estate market. The homeownership rate in zip code 16648 has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate was 72%, which dipped to 68% in 2016 before rebounding to 75% in 2022. This increase in homeownership coincides with a steady rise in average home prices. The average home price in 2013 was $188,294, which grew to $235,569 by 2022, representing a 25% increase over this period. This trend suggests a growing preference for homeownership in the area, possibly driven by the long-term investment potential of rising property values.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 16648. The period from 2013 to 2016, when homeownership rates decreased from 72% to 68%, coincided with a gradual increase in federal interest rates from 0.11% to 0.40%. However, as interest rates remained relatively low in subsequent years, homeownership rates began to climb. The substantial jump to 76% homeownership in 2021, when interest rates were at a mere 0.08%, clearly demonstrates how low interest rates can stimulate home buying activity.
Renter percentages in zip code 16648 have generally moved inversely to homeownership rates. The renter-occupied percentage peaked at 32% in 2016 and has since declined to 25% in 2022. Interestingly, average rent prices have shown an overall upward trend despite fluctuations in the renter population. The average rent increased from $786 in 2013 to $815 in 2022, with a peak of $872 in 2019. This suggests that rental demand remains strong, possibly due to factors such as job market dynamics or preferences for flexible living arrangements.
In 2023 and 2024, the average home prices in zip code 16648 continued their upward trajectory, reaching $238,304 in 2023 and $244,729 in 2024. This represents a 3.9% increase from 2022 to 2023 and a further 2.7% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. This suggests a robust demand for housing in the area, potentially driven by factors such as local economic growth or the area's desirability as a residential location.
Looking ahead, predictive models suggest that average home prices in zip code 16648 are likely to continue their upward trend over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting ongoing demand for rental properties. However, the rate of increase may be tempered by the growing preference for homeownership in the area.
In summary, zip code 16648 has demonstrated a strong trend towards homeownership, with rising average home prices and a recent surge in the homeownership rate. Despite fluctuations, rental prices have also shown resilience. The area's real estate market has displayed remarkable stability and growth, even in the face of rising interest rates, indicating a robust local housing market with potential for continued appreciation in both home values and rental rates.
