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Average Home Values and Ownership in Zip Code 17315: A Decade of Growth in Weigelstown, 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
Zip code 17315, located in Weigelstown, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a steady increase in homeownership, coupled with rising average home prices and fluctuating average rent costs. The homeownership rate in zip code 17315 has displayed a consistent upward trend, increasing from 82% in 2013 to 86% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $148,682, which grew to $238,732 by 2022, representing a 60.6% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 17315. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership remained relatively stable around 82%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership actually increased from 82% to 84%. This counterintuitive trend might be attributed to other local economic factors or a rush to purchase homes before rates increased further.
The percentage of renters in zip code 17315 has decreased from 18% in 2013 to 14% in 2022, inversely mirroring the rise in homeownership. Interestingly, despite the declining renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $969, which increased to $1,074 by 2022, representing a 10.8% rise. However, rent prices experienced fluctuations, peaking at $1,202 in 2018 before declining slightly in subsequent years.
In 2023, the average home price in zip code 17315 reached $254,889, continuing the upward trend observed in previous years. This represents a 6.8% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $267,000, a 4.8% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17315 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Projections suggest that by 2029, average home prices could reach approximately $320,000 to $340,000, assuming a moderate annual growth rate of 3-5%. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $1,200 to $1,300 per month by 2029, factoring in historical trends and projected population growth.
In summary, zip code 17315 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in maintaining this trend even in the face of rising interest rates. The inverse relationship between declining renter populations and increasing average rents suggests a complex local housing market dynamic. As the area continues to grow, with population density increasing from 390.16 per square mile in 2010 to 430.17 in 2022, these trends are likely to persist, shaping the future of this Pennsylvania community.
