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Average Home Values and Ownership in Zip Code 17318: Emigsville's Resilient Housing Market
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
Emigsville, located in zip code 17318 in Pennsylvania, is a small community with a population that has fluctuated between 63 and 79 residents over the past decade. This area has experienced interesting shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Emigsville has shown remarkable stability over the years, with a slight upward trend. In 2013, 67% of residents were homeowners, which increased to 74% by 2022. This rise in homeownership coincided with a significant increase in average home prices. The average home price in the area rose from $102,608 in 2013 to $170,333 in 2022, representing a 66% increase over this period. This trend suggests that despite rising home prices, local residents have been increasingly able and willing to purchase homes.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2022 was characterized by historically low interest rates, ranging from 0.09% to 1.68%. These low rates likely contributed to the increase in homeownership by making mortgages more affordable. The stability and slight increase in homeownership rates during this period, even as home prices rose, can be partly attributed to these favorable financing conditions.
The rental market in Emigsville has also seen notable changes. The percentage of renters decreased from 33% in 2013 to 26% in 2022. Despite this decrease in the renter population, average rent prices increased significantly. The average rent rose from $908 in 2013 to $1,353 in 2022, a 49% increase. This trend suggests a tightening rental market, where fewer available rental units may have driven up prices despite a smaller renter population.
In 2023 and 2024, the housing market in Emigsville continued its upward trajectory. The average home price reached $182,350 in 2023 and further increased to $194,984 in 2024. This represents a 14.5% increase from 2022 to 2024. Interestingly, this rise occurred despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, yet the local housing market has remained robust.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent in Emigsville over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $230,000 by 2029. Rent prices are also likely to continue rising, possibly exceeding $1,600 per month on average within the same timeframe. However, the rate of increase may moderate compared to the rapid growth seen in recent years.
In summary, Emigsville has demonstrated a resilient and growing housing market. The area has seen a steady increase in homeownership rates despite rising home prices, likely supported by historically low interest rates until recently. The rental market has tightened, with fewer renters but higher rents. The continuation of price increases even in the face of rising interest rates in 2023 and 2024 suggests a strong local demand for housing. These trends point to a dynamic and evolving real estate landscape in this small Pennsylvania community.
