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Average Home Values and Ownership in Zip Code 17048: A Decade of Change in Lykens
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 17048, located in Lykens, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 4,555 in 2022, has seen fluctuations in its real estate market that reflect broader economic trends and local dynamics.
The relationship between homeownership rates and average home prices in this zip code reveals an interesting pattern. In 2013, the homeownership rate was 73%, with an average home price of $76,947. By 2018, homeownership increased to 77%, coinciding with a rise in average home prices to $92,578. However, by 2022, despite a significant increase in average home prices to $126,189, the homeownership rate dropped to 68%. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 17048. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which coincided with relatively stable homeownership rates around 73-75%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates initially increased to 77% but then started to decline. This trend suggests that while low interest rates initially supported homeownership, the subsequent rise in rates, combined with increasing home prices, may have contributed to the decline in homeownership by 2022.
Renter percentages and average rent prices in zip code 17048 have shown their own distinct trends. In 2013, 27% of residents were renters, with an average rent of $681. By 2018, the percentage of renters decreased to 23%, while the average rent increased to $747. However, by 2022, the renter percentage increased to 32%, with average rent rising to $756. This trend indicates that as homeownership became less accessible, more residents turned to renting, despite the increase in rental costs.
In 2023 and 2024, the average home prices in zip code 17048 continued to rise, reaching $131,703 in 2023 and $136,449 in 2024. This upward trend persisted despite the significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures demonstrate the resilience of the local housing market in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 17048 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by the growing demand for rental properties as homeownership becomes less attainable for some residents.
In summary, zip code 17048 has experienced a complex interplay between homeownership rates, average home prices, and rental market dynamics. The recent trend of decreasing homeownership despite rising home values, coupled with increasing renter percentages and rent prices, indicates a shifting housing landscape in this Pennsylvania borough. These trends are likely to continue shaping the local real estate market in the coming years, with implications for both current and future residents of the area.
