Loading Content...
Average Home Values and Ownership in Zip Code 16922: Rural Pennsylvania's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 16922, located in Galeton, Pennsylvania, is a rural area covering 179.14 square miles. This zip code has experienced fluctuating homeownership rates and average home prices over the past decade, with a general trend towards increased homeownership and rising average home values in recent years.
The homeownership rate in zip code 16922 has shown a slight overall increase from 2013 to 2022. In 2013, the homeownership rate was 74%, which rose to 79% in 2019, the highest point in the observed period. As of 2022, the rate stood at 74%. This trend correlates with changes in average home prices. In 2013, the average home price was $93,619, which increased to $116,627 by 2022, representing a 24.6% increase over nine years. This upward trend in home prices may have contributed to the overall stability in homeownership rates, as existing homeowners benefited from increased equity.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 72-76%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), we observed a slight increase in homeownership to 76% in both years. This could be attributed to buyers rushing to purchase homes before rates increased further. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a slight dip in homeownership to 73% and 71% respectively, possibly due to economic uncertainty during the COVID-19 pandemic.
Renter percentages in zip code 16922 have generally decreased over time, from 26% in 2013 to 21% in 2019, before rising slightly to 26% in 2022. Average rent prices have shown moderate fluctuations, increasing from $603 in 2013 to a peak of $661 in 2016, before settling at $632 in 2022. This represents a 4.8% increase in average rent over the nine-year period. The population of the zip code has declined from 2,022 in 2013 to 1,781 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in zip code 16922 reached $119,343, a 2.3% increase from 2022, with the federal interest rate at 5.02%. As of 2024, the average home price has slightly decreased to $119,089, while the federal interest rate has further increased to 5.33%. This slight cooling in home prices may be attributed to the higher interest rates making borrowing more expensive for potential homebuyers.
Looking ahead, based on historical trends and current economic conditions, we can predict that average home prices in zip code 16922 may continue to rise moderately over the next five years, potentially reaching around $130,000 by 2029. Average rent prices are likely to follow a similar trajectory, potentially increasing to approximately $680 by 2029. However, these projections could be influenced by various factors such as economic conditions, local development, and population changes.
In summary, zip code 16922 has demonstrated resilience in homeownership rates despite fluctuations in average home prices and federal interest rates. The area has seen a gradual increase in both average home prices and rent prices over the past decade, with recent data suggesting a potential stabilization in the housing market. The interplay between homeownership rates, housing prices, and interest rates highlights the complex dynamics of the local real estate market in this rural Pennsylvania community.
