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Average Home Values and Ownership in Zip Code 17060: Mill Creek'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
Mill Creek, located in zip code 17060 in Pennsylvania, has experienced significant changes in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Mill Creek has remained relatively stable, with minor fluctuations over the years. In 2013, the homeownership rate stood at 82%, and by 2022, it had increased slightly to 84%. This trend suggests a strong preference for homeownership in the area. Interestingly, average home prices have shown a steady increase in recent years. In 2022, the average home price was $143,113, indicating a growing real estate market in the area.
The relationship between federal interest rates and homeownership rates in Mill Creek aligns with well-established trends. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 0.4%, the homeownership rate remained relatively stable, hovering around 80%. This stability in homeownership during periods of low interest rates suggests that affordable financing options may have contributed to maintaining a high proportion of homeowners in the area.
Renter percentages in Mill Creek have shown some variability over the years. In 2013, the renter-occupied rate was 18%, which increased to 22% by 2017. However, by 2022, it had decreased to 16%. Average rent prices have fluctuated during this period, with some correlation to renter percentages. For instance, in 2017, when the renter percentage peaked at 22%, the average rent was $626. By 2022, with a lower renter percentage of 16%, the average rent had increased slightly to $634.
Looking at the most recent data, the average home price in Mill Creek for 2023 was $146,858, showing a continued upward trend from 2022. In 2024, the average home price further increased to $151,248, indicating a robust housing market. Notably, the federal interest rate in 2024 stands at 5.33%, which is significantly higher than the rates seen in the previous decade. This increase in interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Mill Creek to continue their upward trajectory, potentially reaching around $165,000 by 2029. Average rent prices are likely to follow a similar trend, possibly increasing to approximately $700 per month over the same period. These projections are based on the historical data and current market conditions.
In summary, Mill Creek has maintained a high homeownership rate despite fluctuations in the housing market. The community has seen a steady increase in average home prices, particularly in recent years. While renter percentages have varied, they remain relatively low compared to homeownership rates. The recent rise in interest rates may influence future housing market dynamics, potentially affecting both homeownership rates and housing prices in the coming years.
