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Average Home Values and Ownership in Zip Code 16844: Eagle Creek's Decade of Growth
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 16844, located in Eagle Creek, Pennsylvania, presents an interesting case study of homeownership and housing market trends. This area has maintained a consistently high rate of homeownership over the past decade, with a slight upward trend in recent years. The average home prices have shown steady growth, while average rent prices have fluctuated.
The homeownership rate in zip code 16844 has increased from 86% in 2013 to 91% in 2022, demonstrating a strong preference for homeownership in this community. This trend coincides with a significant increase in average home prices, rising from $170,409 in 2013 to $259,221 in 2022, representing a 52% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $223,545 to $247,372, a 10.7% increase.
Federal interest rates have played a role in shaping homeownership trends in this area. The period of historically low interest rates from 2010 to 2021, ranging from 0.08% to 0.4%, likely contributed to the high and increasing homeownership rates in zip code 16844. These low rates made mortgages more affordable, encouraging home buying and refinancing activities.
The renter population in zip code 16844 has decreased from 14% in 2013 to 9% in 2022, corresponding with the increase in homeownership. Despite this decline, average rent prices have shown an overall upward trend, increasing from $709 in 2013 to $901 in 2022, a 27% increase. The highest average rent was recorded in 2021 at $957, before slightly decreasing in 2022. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to limited rental inventory in an area dominated by homeowners.
In 2023 and 2024, the housing market in zip code 16844 continued to evolve. The average home price reached $268,213 in 2023 and further increased to $274,372 in 2024, showing a continued upward trajectory. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 16844 to continue rising, albeit potentially at a slower rate due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $300,000 by 2029. Average rent prices are also likely to increase, potentially reaching around $1,100 per month in the same timeframe, assuming the current trends persist.
In summary, zip code 16844 has demonstrated a strong preference for homeownership, with rates increasing to 91% by 2022. This trend has been accompanied by steady growth in average home prices, which have continued to rise into 2024. While the renter population has decreased, average rent prices have generally increased. The recent rise in federal interest rates may influence future homeownership trends and housing affordability in this area.
