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Average Home Values and Ownership in Zip Code 17353: Cashtown'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
Zip code 17353, located in Cashtown, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen fluctuations in its population, with a recent count of 2,985 residents in 2022, and has witnessed significant changes in its real estate landscape.
The homeownership rate in zip code 17353 has shown a general downward trend from 2013 to 2022. In 2013, the area boasted a high 79% homeownership rate. This rate peaked at 87% in 2016 but has since declined, reaching 71% by 2022. Concurrently, average home prices have steadily increased. The average home price in 2013 was $179,049, and by 2022, it had risen to $276,448, representing a substantial 54% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016, when homeownership rates were at their highest (reaching 87% in 2016), coincided with historically low interest rates, ranging from 0.11% to 0.40%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates, falling to 71% by 2022.
The rental market in zip code 17353 has shown inverse trends to homeownership. The percentage of renters increased from 21% in 2013 to 29% in 2022. However, average rent prices have fluctuated considerably. In 2013, the average rent was $1,229, peaking at $1,290 in 2015 before dropping significantly to $643 in 2017. By 2022, the average rent had rebounded to $1,025, still below the 2013 levels. These fluctuations may be attributed to changes in local economic conditions and housing supply.
In 2023 and 2024, the housing market in zip code 17353 continued its upward trajectory. The average home price reached $286,793 in 2023 and further increased to $296,063 in 2024. This represents a 7% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 17353. Utilizing a linear regression model, we estimate that average home prices could reach approximately $330,000 by 2029. For rent prices, considering the historical volatility, a more conservative estimate suggests they might stabilize around $1,300 per month over the next five years, assuming no major economic disruptions.
In summary, zip code 17353 has experienced a shift towards more renters and fewer homeowners over the past decade, despite rising home values. The interplay between federal interest rates, home prices, and rental rates has significantly shaped the local real estate market. As we move forward, the area is likely to see continued growth in property values, potentially affecting the balance between homeownership and renting in this Pennsylvania community.
