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Average Home Values and Ownership in Zip Code 17322: A Decade of Growth in Cross Roads, 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 17322, located in Cross Roads, Pennsylvania, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, spanning 38.01 square miles, has seen a notable increase in homeownership and fluctuating average home prices, while average rent prices have remained relatively stable.
The ownership percentage in zip code 17322 has shown a consistent upward trend, rising from 88% in 2013 to 92% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $168,814, which steadily increased to $277,053 by 2022, representing a 64% increase over nine years. This trend suggests a strong correlation between rising homeownership rates and increasing home values in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 17322. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the initial rise in homeownership from 88% to 87%. As interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to increase, reaching 92% in 2022. This suggests that other local factors, such as job market stability or community development, may have outweighed the impact of rising interest rates on homeownership in this area.
The renter percentage in zip code 17322 has correspondingly decreased from 12% in 2013 to 8% in 2022. Despite this decline, average rent prices have shown a moderate upward trend. In 2013, the average rent was $1,197, which increased to $1,157 by 2022, representing a slight decrease of 3.3% over the period. The population fluctuated during this time, peaking at 6,487 in 2020 before declining to 6,304 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in zip code 17322 reached $296,069, a 6.9% increase from 2022, while the federal interest rate rose significantly to 5.02%. As of 2024, the average home price has further increased to $308,404, with the interest rate climbing to 5.33%. These recent trends indicate a continued appreciation in home values despite rising interest rates, suggesting strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in zip code 17322 may continue to rise over the next five years, potentially reaching around $350,000 by 2029. However, this growth rate may slow compared to the rapid increases seen in recent years. Average rent prices are expected to remain relatively stable, possibly increasing slightly to around $1,200 per month by 2029, assuming current trends continue.
In summary, zip code 17322 has demonstrated a robust increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The area has shown resilience in its housing market, with continued price appreciation even in the face of recent interest rate hikes. The rental market, while shrinking in terms of percentage, has maintained relatively stable prices. These trends point to a strong local housing market with potential for continued growth in the coming years.
