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Average Home Values and Ownership in Zip Code 17050: New Kingstown's Resilient 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 17050, encompassing New Kingstown in Pennsylvania, has experienced significant demographic and real estate changes over the past decade. This area has seen a steady increase in population, coupled with fluctuations in homeownership rates and rising average home and rent prices.
The relationship between homeownership percentage and average home prices in zip code 17050 reveals an interesting dynamic. In 2013, the homeownership rate was 81%, with an average home price of $264,607. Despite a slight dip to 79% homeownership in 2015, average home prices continued to rise, reaching $273,616. By 2022, homeownership had decreased to 78%, while average home prices surged to $392,270. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in homeownership trends in zip code 17050. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.4%), homeownership remained relatively stable at around 80%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we see a slight decline in homeownership to 79%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 17050 have shown a correlated upward trend. In 2013, the renter-occupied rate was 19%, with an average rent of $1,286. By 2022, the renter percentage increased to 22%, while average rent rose to $1,386. This increase in both renter percentage and rent prices coincides with the area's population growth from 31,803 in 2013 to 39,907 in 2022, suggesting increased demand for rental properties.
Looking at the most recent data for zip code 17050, average home prices reached $413,193 in 2023 and further increased to $423,625 in 2024. This continued upward trend occurs despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong demand and potentially limited housing supply in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 17050 to continue their upward trajectory, potentially reaching around $475,000 by 2029. Average rent prices are also expected to rise, possibly surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, zip code 17050 has demonstrated robust growth in both population and property values. The area has experienced a slight shift towards renting, likely due to increasing home prices and fluctuating interest rates. The continued rise in both home prices and rents, even in the face of higher interest rates, suggests a strong and competitive real estate market in this Pennsylvania community.
