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Average Home Values and Ownership in Zip Code 16828: Centre Hall'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 16828, located in Centre Hall, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area has maintained a predominantly owner-occupied housing landscape, with homeownership rates consistently above 80% throughout the observed period. The trends in average home prices and average rent prices have shown interesting patterns, reflecting the dynamic nature of the local real estate market.
The homeownership rate in zip code 16828 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 82%, and by 2022, it had increased slightly to 86%. During this period, average home prices experienced a steady upward trend. In 2013, the average home price was $195,854, and by 2022, it had risen to $296,061, representing a significant increase of 51.2% over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 16828. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained stable around 82-83%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 81% in 2019. However, when interest rates dropped sharply in 2020 (0.38%) and 2021 (0.08%), homeownership rates rebounded to 87% and 86% respectively, showcasing the influence of lower interest rates on homebuying decisions.
Renter percentages in zip code 16828 have fluctuated inversely to homeownership rates, ranging from 13% to 19% between 2013 and 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $1,073, peaking at $1,160 in 2016 before experiencing a significant drop to $864 in 2018. By 2022, average rent had rebounded to $1,074, almost identical to the 2013 level. This fluctuation in rent prices doesn't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have a stronger influence on rental rates in this area.
Looking at the most recent data, average home prices in zip code 16828 continued to rise, reaching $313,821 in 2023 and $321,191 in 2024. This represents a 5.9% increase from 2022 to 2023, and a further 2.3% increase from 2023 to 2024, indicating a slowing but still upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 16828 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical patterns, we project average home prices could reach approximately $350,000 to $375,000 by 2029. For average rent prices, the forecast suggests a more moderate increase, potentially reaching around $1,300 to $1,400 per month by 2029, assuming stable economic conditions and continued population growth in the area.
In summary, zip code 16828 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience in maintaining strong homeownership despite fluctuations in federal interest rates. While rent prices have been more volatile, they have generally remained within a consistent range. The continued rise in home values, coupled with recent increases in interest rates, may present both opportunities and challenges for future homebuyers and renters in this Pennsylvania community.
