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Average Home Values and Ownership in Zip Code 17327: Glen Rock's Changing Real Estate Landscape
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
Glen Rock, located in zip code 17327 in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Glen Rock has shown a gradual decline over the years, starting from 83% in 2013 and decreasing to 76% by 2022. This trend coincides with a steady increase in average home prices. In 2013, the average home price was $199,044, which rose significantly to $306,849 by 2022, representing a 54% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained stable, ranging between 80% and 84%. However, as interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline, dropping to 81% by 2019. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in Glen Rock has shown corresponding changes to the homeownership trends. The percentage of renters increased from 17% in 2013 to 24% in 2022. During this period, average rent prices fluctuated but showed an overall upward trend. In 2013, the average rent was $970, which increased to $954 by 2022, with some years seeing higher averages, such as $1,020 in 2017. The rise in renter percentages, coupled with increasing rent prices, suggests a growing demand for rental properties in the area, possibly due to the challenges of homeownership for some residents.
Looking at the most recent data, the average home price in Glen Rock reached $321,824 in 2023 and further increased to $333,551 in 2024. This continued upward trend in home prices coincides with a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may further impact homeownership rates in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Glen Rock will continue to rise, potentially reaching around $380,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of around $1,100 per month by 2029, assuming the current trends persist.
In summary, Glen Rock has experienced a gradual shift towards a higher proportion of renters, coupled with rising average home prices and fluctuating rent prices. The inverse relationship between homeownership rates and property values, influenced by changing interest rates, has been a key feature of the local housing market. As home prices continue to rise and interest rates remain elevated, this trend may continue, potentially leading to further increases in the renter population and putting pressure on both the ownership and rental markets in the coming years.
