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Average Home Values and Ownership in Zip Code 17049: McAlisterville's Shifting 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
Zip code 17049, located in McAlisterville, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural community has seen fluctuations in its population and housing market, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 17049 has shown a general upward trend from 2013 to 2018, with some fluctuations in recent years. In 2013, the homeownership rate was 77%, which increased to a peak of 87% in 2017. This rise coincided with a steady increase in average home prices, from $139,603 in 2013 to $153,611 in 2017. However, after 2018, there was a slight decline in homeownership, dropping to 74% by 2022, while average home prices continued to climb, reaching $213,449 in 2022.
The relationship between federal interest rates and homeownership rates in this area appears to follow typical patterns. From 2013 to 2017, when interest rates were historically low (ranging from 0.11% to 1%), homeownership rates increased. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise more significantly after 2017, reaching 1.68% in 2022, we observed a slight decline in homeownership rates.
Renter percentages and average rent prices in zip code 17049 have shown an inverse relationship to homeownership trends. As homeownership increased from 2013 to 2017, the percentage of renters decreased from 23% to 13%. During this period, average rent prices fluctuated, starting at $672 in 2013, peaking at $997 in 2017, and then declining. Interestingly, as the renter percentage began to increase again after 2017, reaching 26% in 2022, average rent prices showed a general downward trend, dropping to $667 in 2022. This could be indicative of increased rental supply or economic factors affecting the local rental market.
In 2023 and 2024, average home prices in zip code 17049 continued to rise, albeit at a slower pace. The average home price reached $218,815 in 2023 and slightly increased to $219,123 in 2024. This slower growth rate coincides with significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the moderation in home price growth.
Looking ahead, predictive models suggest that average home prices in zip code 17049 may continue to rise over the next five years, but at a more moderate pace compared to the rapid increases seen in recent years. The average rent prices, which have been volatile, are projected to stabilize and potentially see modest increases, reflecting the area's evolving housing market dynamics and economic conditions.
In summary, zip code 17049 has experienced significant changes in its housing market over the past decade. The area saw a rise in homeownership rates and home prices from 2013 to 2017, followed by a slight decline in homeownership and continued price appreciation. Recent years have shown a moderation in home price growth, likely influenced by rising interest rates. The rental market has displayed an inverse relationship to homeownership trends, with recent increases in renter percentages accompanied by more stable rent prices.
