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Average Home Values and Ownership in Zip Code 17084: A Decade of Resilience in Church Hill, Pennsylvania
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
Church Hill, located in zip code 17084 in Pennsylvania, has experienced interesting demographic and housing market trends over the past decade. This area has seen fluctuations in homeownership rates and notable changes in average home and rent prices, reflecting broader economic shifts and local market dynamics. The homeownership rate in Church Hill has remained relatively stable over the years, with some minor fluctuations. In 2013, the homeownership rate stood at 84%, and by 2022, it was at 83%. During this period, average home prices in the area have shown a significant upward trend. In 2012, the average home price was $130,631, and by 2022, it had risen to $206,831, representing a substantial increase of 58.3% over a decade. This upward trend in home prices, coupled with the relatively stable homeownership rate, suggests that the area has maintained its appeal to homeowners despite rising property values.
Federal interest rates have played a role in shaping homeownership trends in Church Hill. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate in the area decreased slightly from 84% to 78%. This period coincided with a gradual increase in average home prices, which rose from $130,337 in 2013 to $137,693 in 2016. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Church Hill actually increased, returning to 83% by 2022. This trend suggests that local factors may have had a stronger influence on homeownership rates than national interest rate movements.
Renter percentages and average rent prices in Church Hill have shown some interesting patterns. The percentage of renters increased from 16% in 2013 to a peak of 22% in 2016 and 2017, before declining back to 17% in 2022. Average rent prices have generally trended upward during this period, albeit with some fluctuations. In 2013, the average rent was $648, rising to $757 in 2017, and then settling at $745 in 2022. The population of the area has remained relatively stable, increasing slightly from 3,240 in 2013 to 3,318 in 2022, which suggests that changes in rental trends are more likely due to economic factors and housing market dynamics rather than significant population shifts.
In 2023 and 2024, Church Hill has seen continued growth in average home prices. The average home price reached $218,776 in 2023 and further increased to $225,419 in 2024. This represents a 9% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity and could potentially influence the local housing market dynamics.
Looking ahead, based on the historical trends and current market conditions, we can forecast some potential 5-year trends for Church Hill. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower pace due to higher interest rates. We might expect average home prices to reach around $250,000 to $275,000 by 2029. Average rent prices, which have shown more volatility, may continue to fluctuate but with an overall upward trend, potentially reaching $850 to $900 by 2029.
In summary, Church Hill has demonstrated resilience in its housing market, with stable homeownership rates despite rising home prices. The area has seen significant appreciation in property values over the past decade, while rental markets have shown more variability. The recent sharp increase in interest rates, coupled with continued home price growth, may present new challenges and opportunities for both homeowners and renters in the coming years.
