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Average Home Values and Ownership in Zip Code 16946: A Decade of Growth in Tioga, Pennsylvania
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 16946, located in Tioga, Pennsylvania, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This rural area, known for its picturesque landscapes and small-town charm, has seen a general trend of increasing homeownership and rising average home prices, while average rent prices have also climbed steadily.
The relationship between homeownership rates and average home prices in zip code 16946 reveals an interesting pattern. In 2013, the homeownership rate stood at 76%, with an average home price of $143,147. As the years progressed, there was a slight dip in homeownership to 74% from 2015 to 2018, during which time average home prices fluctuated between $136,996 and $139,816. However, from 2019 onwards, a clear upward trend emerged in both homeownership rates and average home prices. By 2022, the homeownership rate had increased to 80%, coinciding with a significant jump in average home prices to $192,159. This suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 16946. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained relatively stable. As interest rates began to rise gradually from 2016 to 2019 (0.4% to 2.16%), there was a slight decrease in homeownership. However, the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a significant increase in homeownership rates, reaching 77% in 2020 and 78% in 2021. This aligns with the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options.
The renter population in zip code 16946 has shown an inverse relationship to homeownership trends. In 2013, the renter percentage was 24%, with an average rent of $675. As the renter percentage increased slightly to 26% from 2015 to 2018, average rent prices also rose, reaching $717 by 2018. However, from 2019 onwards, as homeownership rates increased, the renter percentage decreased to 20% by 2022. Despite this decrease in renters, average rent prices continued to climb, reaching $836 in 2022. This trend suggests that even with fewer renters, demand for rental properties remained strong, possibly due to factors such as limited rental inventory or improved quality of available rentals.
In 2023 and 2024, the housing market in zip code 16946 continued its upward trajectory. The average home price in 2023 was $196,397, further increasing to $198,528 in 2024. This represents a 3.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically dampen housing demand, the market in this zip code has shown resilience with continued price appreciation.
Looking ahead, predictive models suggest that average home prices in zip code 16946 are likely to continue their upward trend over the next five years, albeit at a more moderate pace. Based on historical data and current market conditions, we can expect average home prices to potentially reach around $220,000 to $230,000 by 2029. Average rent prices are also projected to increase, potentially reaching $950 to $1,000 per month in the same timeframe.
In summary, zip code 16946 has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The area has shown resilience in the face of fluctuating interest rates, with a clear trend towards higher homeownership in recent years. The rental market, while shrinking in terms of percentage, has seen consistent increases in average rent prices, indicating sustained demand for rental properties. These trends, combined with the area's rural appeal, suggest a stable and potentially growing real estate market in the coming years.
