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Average Home Values and Ownership in Zip Code 17021: East Waterford's Stable 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
East Waterford, located in zip code 17021 in Pennsylvania, is a small community with a population of 600 as of 2022. This rural area has experienced fluctuations in homeownership rates and average rent prices over the past decade. The ownership percentage has remained relatively stable, while average rent prices have shown some variability.
The homeownership rate in East Waterford has maintained a steady range between 70% and 77% from 2013 to 2022. In 2013, the ownership rate was 74%, and it slightly increased to 75% by 2022. During this period, the highest ownership rate was observed in 2018 and 2019 at 77%. Despite some minor fluctuations, the overall trend suggests a stable homeownership market in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates in East Waterford remained relatively stable, hovering around 73-74%. As interest rates began to rise from 2017 to 2019 (1.00% to 2.16%), homeownership rates actually increased slightly to 77%, possibly due to anticipation of further rate increases encouraging home purchases.
The renter percentage in East Waterford has shown some fluctuation, ranging from 22% to 29% between 2013 and 2022. The lowest renter percentage was recorded in 2018 at 22%, while the highest was in 2020 at 29%. Average rent prices have experienced some variability during this period. In 2013, the average rent was $667, which decreased to $598 by 2018. However, there was a significant increase to $683 in 2019, followed by a decline to $641 in 2020 and 2022. These fluctuations in rent prices and renter percentages could be attributed to changes in local economic conditions and housing supply.
In 2023, the average home price in East Waterford was $208,407, showing a slight increase from the 2022 average of $206,105. However, in 2024, the average home price decreased to $202,617. This recent decline coincides with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. The higher interest rates may be contributing to the cooling of home prices in the area.
Looking ahead to the next five years, based on current trends and economic factors, we can expect some moderation in both home prices and rent prices. Average home prices may continue to experience slight declines or remain relatively stable as the market adjusts to higher interest rates. Rent prices could see modest increases, potentially reaching around $675-$700 by 2029, assuming steady economic growth and continued demand for rental properties in the area.
In summary, East Waterford has maintained a relatively stable homeownership market over the past decade, with recent challenges posed by rising interest rates. The rental market has shown some variability in both occupancy rates and prices. The coming years may see a period of adjustment in the housing market, with potential opportunities for both buyers and renters as the market responds to changing economic conditions.
