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Average Home Values and Ownership in Zip Code 17067: A Decade of Growth in Frystown, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
Zillow: Zillow Home Value Index (ZHVI)
Frystown, located in zip code 17067 in Pennsylvania, is a community that has experienced notable changes in its housing market over the past decade. This area has maintained a relatively high rate of homeownership while seeing significant fluctuations in both average home prices and average rent prices.
The homeownership rate in zip code 17067 has remained consistently high, ranging from 77% to 81% between 2013 and 2022. This stability in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $174,792, which rose to $263,418 by 2022, representing a substantial 50.7% increase over nine years. This upward trend in home prices did not seem to significantly impact the homeownership rate, suggesting a strong preference for owning homes in this area despite rising costs.
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 0.4%), the homeownership rate remained stable at around 79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership, reaching 81% in 2018. This suggests that residents may have been motivated to purchase homes before rates potentially increased further.
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Renter percentages in zip code 17067 have fluctuated slightly, ranging from 19% to 23% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $988, which decreased to $896 in 2017, before rising sharply to $1,133 in 2022. This represents a 26.5% increase in average rent from 2017 to 2022. Despite these rent increases, the renter percentage has remained relatively stable, indicating that rental demand in the area has been consistent.
Looking at the most recent data, the average home price in zip code 17067 continued to rise, reaching $276,015 in 2023 and $284,408 in 2024. This represents a 4.8% increase from 2022 to 2023 and a further 3% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17067 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $320,000 to $340,000. For average rent prices, the trend suggests continued increases, potentially reaching $1,300 to $1,400 per month by 2029.
In summary, zip code 17067 has demonstrated a robust housing market with consistently high homeownership rates despite rising home prices. The area has shown resilience in maintaining stable renter percentages even with fluctuating rent prices. The recent sharp increases in both home prices and interest rates may present new challenges for potential homebuyers, potentially affecting future homeownership rates. However, the strong preference for homeownership in this area suggests that demand may remain strong, supporting continued growth in both the ownership and rental markets.
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