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Average Home Values and Ownership in Zip Code 17306: A Decade of Growth in Bendersville
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 17306, representing Bendersville in Pennsylvania, is a small yet dynamic area with a population of 90 as of 2022. This quaint locale has experienced notable shifts in homeownership rates and property values over the past decade. The overall trend shows an increase in homeownership percentage, coupled with rising average home prices and average rent costs.
The relationship between homeownership rates and average home prices in zip code 17306 reveals an interesting pattern. In 2013, the homeownership rate was 78%, with an average home price of $139,056. By 2022, the homeownership rate had increased significantly to 87%, while the average home price rose to $208,610. This represents a 9 percentage point increase in homeownership and a substantial 50% increase in average home prices over this period. The trend suggests that despite rising home prices, more residents were able to purchase homes, possibly due to factors such as increased local economic stability or improved financing options.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 17306. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates fluctuated but generally remained high, ranging from 69% to 82%. The low interest rate environment likely contributed to maintaining high homeownership levels by making mortgages more affordable. In 2022, despite a rise in interest rates to 1.68%, homeownership reached its peak at 87%, indicating strong local demand for homeownership.
The renter percentage and average rent prices in zip code 17306 have shown some volatility. In 2013, the renter percentage was 19% with an average rent of $686. By 2022, the renter percentage had decreased to 10%, while the average rent had increased significantly to $1,156. This represents a 68% increase in average rent over this period. The decrease in renter percentage coupled with rising rents suggests a shift towards homeownership, possibly driven by the long-term financial benefits of owning versus renting in this area.
In 2023 and 2024, the average home prices in zip code 17306 continued to rise, reaching $214,292 in 2023 and $216,284 in 2024. This represents a modest increase of about 3.7% from 2022 to 2024. Interestingly, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, albeit at a slower pace than in previous years.
Looking ahead, predictive models suggest that average home prices in zip code 17306 may continue to rise over the next five years, but at a more moderate pace. Given the recent trends, we might expect average home prices to reach around $235,000 to $250,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,300 to $1,400 per month in the same timeframe. However, these projections could be influenced by various factors including economic conditions, local development, and broader housing market trends.
In summary, zip code 17306 has experienced a significant increase in homeownership rates and property values over the past decade. The area has shown resilience in maintaining high homeownership levels even as home prices and interest rates have risen. The declining renter percentage coupled with rising average rents indicates a strong preference for homeownership in this community. As we move forward, the housing market in this zip code appears poised for continued growth, albeit at a more moderate pace than seen in recent years.
