Renter percentages in zip code 17331 decreased from 27% in 2013 to 24% in 2022, inversely mirroring the rise in homeownership. Despite this decline in the renter population, average rent prices generally increased. In 2013, the average rent was $1,060, which rose to $1,113 by 2022, an overall increase of 5%. However, this trend wasn't linear, with some fluctuations observed. For instance, average rent peaked at $1,188 in 2021 before decreasing slightly in 2022. The population growth from 51,309 in 2013 to 56,984 in 2022 likely contributed to the overall upward pressure on rent prices, despite the decreasing percentage of renters.

Recent data shows that the average home price in zip code 17331 reached $255,278 in 2023 and further increased to $266,479 in 2024. This represents a substantial 11% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and future homeownership trends.

Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit potentially at a more moderate pace due to the higher interest rates. Average home prices could reach approximately $300,000 by 2029 if current trends persist. For rent prices, a steady increase is also expected, potentially reaching an average of $1,250 to $1,300 per month by 2029, assuming consistent economic conditions and population growth.

In summary, zip code 17331 has demonstrated a clear trend of increasing homeownership rates and rising average home prices over the past decade. Despite a decreasing percentage of renters, average rent prices have generally increased, influenced by population growth. The recent surge in federal interest rates and continued rise in home prices suggest a potentially challenging environment for new homebuyers, which could impact future homeownership rates and rental demand in this area.