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Average Home Values and Ownership in Zip Code 17324: A Decade of Stability Amidst Price Fluctuations
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 17324, located in Idaville, Pennsylvania, presents an intriguing case study of homeownership and housing market dynamics. This area has maintained a consistently high rate of owner-occupied homes, hovering around 80-83% throughout the observed period. Average home prices have shown a steady upward trend, while average rent prices have fluctuated over the years.
The homeownership rate in zip code 17324 has remained relatively stable, with only minor fluctuations between 2013 and 2022. In 2013, the owner-occupancy rate was 80%, which increased slightly to 83% by 2019, before settling back to 81% in 2022. During this same period, average home prices experienced significant growth. In 2013, the average home price was $161,969, which steadily increased to $247,271 by 2022, representing a substantial 52.7% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 80-82%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates actually increased slightly to 83% in 2019, possibly due to homebuyers rushing to secure mortgages before rates climbed higher. The slight dip to 81% ownership in 2022 coincided with a sharp increase in interest rates to 1.68%, which may have deterred some potential buyers.
Renter occupancy in zip code 17324 has remained relatively low, fluctuating between 17% and 20% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $822, which peaked at $890 in 2014 before dropping to $735 in 2015. Since then, average rents have generally trended upward, reaching $889 in 2022. This represents an overall increase of 8.2% from 2013 to 2022, despite some fluctuations. The population of the area has remained relatively stable, with 5,086 residents in 2013 and 4,786 in 2022, which may have contributed to the moderate changes in rental demand and prices.
In 2023 and 2024, the housing market in zip code 17324 continued its upward trajectory. The average home price in 2023 was $259,123, a 4.8% increase from 2022. In 2024, it further rose to $268,632, marking a 3.7% increase from the previous year. Notably, federal interest rates also saw significant increases during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, suggesting strong demand in the area.
Looking ahead, based on the observed trends and current market conditions, we can project continued growth in both home prices and rent prices over the next five years. Average home prices are likely to maintain their upward trajectory, potentially reaching around $310,000 by 2029. Average rent prices may also continue to rise, albeit at a more moderate pace, possibly reaching approximately $1,050 by 2029. However, these projections could be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, zip code 17324 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates. The area has experienced significant appreciation in home values, particularly in recent years, despite rising interest rates. Rental markets have shown more moderate growth and some fluctuation. The resilience of the housing market in the face of increasing interest rates suggests a robust local economy and continued demand for housing in this Pennsylvania community.
