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Average Home Values and Ownership in Zip Code 17009: A Decade of Growth in Burnham, 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 17009, located in Burnham, Pennsylvania, has experienced significant shifts in homeownership rates and housing prices over the past decade. This small community, covering just 1.57 square miles, has seen its population decline from 1,943 in 2010 to 1,510 in 2022, while simultaneously witnessing notable changes in its housing market dynamics.
The homeownership rate in zip code 17009 has fluctuated considerably between 2013 and 2022. Starting at 76% in 2013, it decreased to a low of 64% in 2019 before rebounding to 72% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2012, the average home price was $60,852, which increased to $107,234 by 2022, representing a substantial 76% growth over this period. This trend suggests that despite rising home values, local residents have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 17009. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 74-76%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was initially a decline in homeownership to 64% in 2019. However, the subsequent increase to 72% in 2022 despite higher interest rates indicates other factors influencing homeownership decisions in this area.
Renter percentages in zip code 17009 have inversely mirrored homeownership rates, rising from 24% in 2013 to a peak of 36% in 2019, before decreasing to 27% in 2022. Average rent prices have shown an overall upward trend, increasing from $613 in 2013 to $806 in 2022, a 31% increase. Interestingly, the highest average rent of $824 was recorded in 2021, coinciding with a slight decrease in the renter population percentage. This trend suggests that rising rent prices may have encouraged some residents to transition to homeownership, particularly as the local population declined.
In 2023 and 2024, zip code 17009 has experienced a significant surge in average home prices. The average home price jumped to $123,637 in 2023 and further increased to $129,440 in 2024. This represents a remarkable 20.7% increase from 2022 to 2024. Simultaneously, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These high interest rates, coupled with rising home prices, may pose challenges for potential homebuyers in the near future.
Looking ahead, predictive models suggest that average home prices in zip code 17009 will continue to rise over the next five years, albeit at a potentially slower rate due to the current high interest rate environment. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall trend of rising housing costs. However, the rate of increase may moderate if homeownership becomes more attractive due to stabilizing home prices or potential future reductions in interest rates.
In summary, zip code 17009 has demonstrated resilience in its housing market despite population decline. The area has maintained a strong homeownership culture, with rates rebounding in recent years despite rising home prices. The interplay between federal interest rates, home prices, and rent costs has significantly influenced housing choices in this community. As we move forward, the balance between these factors will continue to shape the local real estate landscape, with potential for further growth in both the homeownership and rental sectors.
