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Average Home Values and Ownership in Zip Code 17236: Mercersburg's Rising Homeownership Trend
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 17236, located in Mercersburg, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 8,986 in 2022, has seen a general trend towards increased homeownership and fluctuating property values.
The percentage of owner-occupied homes in zip code 17236 has shown a steady increase from 71% in 2013 to 79% in 2022. This rise in homeownership coincides with significant changes in average home prices. In 2013, the average home price was $167,366, which gradually increased to $258,885 by 2022, representing a 54.7% increase over nine years. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $208,178 to $237,102, a 13.9% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which likely contributed to the initial rise in homeownership from 71% to 72%. As interest rates began to climb from 2016 onwards, reaching 2.16% by 2019, homeownership continued to increase, suggesting other factors such as local economic conditions or housing policies may have also influenced this trend.
Conversely, the percentage of renter-occupied homes decreased from 29% in 2013 to 21% in 2022. This decline in renters corresponded with fluctuations in average rent prices. The average rent peaked at $995 in 2013 and generally trended downward, reaching $862 in 2022. Notably, there was a significant drop in average rent to $648 in 2021, followed by a rebound to $862 in 2022. These rent price fluctuations, coupled with the increasing homeownership rates, suggest a shifting preference towards home buying in the area.
In 2023 and 2024, the housing market in zip code 17236 continued to evolve. The average home price rose to $267,185 in 2023 and further increased to $271,569 in 2024, representing a steady upward trend. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 17236. A conservative estimate suggests that average home prices could reach approximately $300,000 by 2029. Rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching an average of around $900-$950 per month in the next five years.
In summary, zip code 17236 has demonstrated a clear trend towards increased homeownership, rising from 71% to 79% between 2013 and 2022. This shift has occurred alongside a significant increase in average home prices, from $167,366 to $271,569 between 2013 and 2024. The area has also experienced fluctuating rent prices and a decreasing proportion of renters. With continued growth in home prices and high interest rates, the housing market in this zip code appears poised for further evolution in the coming years.
