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Average Home Values and Ownership in Zip Code 17366: Windsor's Shifting 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 17366, located in Windsor, Pennsylvania, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has maintained a relatively high rate of homeownership, with some fluctuations in recent years, while seeing significant changes in both housing and rental markets. The homeownership rate in zip code 17366 has remained relatively stable, hovering around 80% for much of the observed period. However, there has been a slight downward trend in recent years, with the ownership rate decreasing from 80% in 2020 to 76% in 2022. This decline coincides with a substantial increase in average home prices. From 2020 to 2022, the average home price in the area rose from $191,331 to $240,667, representing a 25.8% increase over just two years. This rapid appreciation in home values may have contributed to the slight decrease in homeownership, as higher prices potentially priced out some potential buyers.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 17366. The period from 2010 to 2021 was characterized by historically low interest rates, which generally encourages homeownership due to more affordable financing options. During this time, homeownership rates remained relatively high in the area. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), we see a corresponding decline in homeownership rates from 80% in 2020 to 76% in 2022.
The rental market in zip code 17366 has shown interesting trends as well. The percentage of renters increased from 20% in 2020 to 24% in 2022, mirroring the decline in homeownership. Concurrently, average rent prices have risen significantly. In 2020, the average rent was $980, which increased to $983 in 2022, and then jumped to $1,038 in 2021. This represents a 5.9% increase in average rent from 2020 to 2021. The rising rent prices, coupled with increasing home prices, suggest a growing demand for housing in the area, possibly driven by population growth from 5,474 in 2020 to 5,616 in 2022.
Looking at the most recent data for 2023 and 2024, we see a continuation of the upward trend in average home prices. In 2023, the average home price in zip code 17366 reached $257,774, and it further increased to $269,520 in 2024. This represents a 12% increase from 2022 to 2024. Simultaneously, federal interest rates have continued to rise, reaching 5.33% in 2024, which may further impact homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in zip code 17366. Based on the historical data and current trends, average home prices could potentially reach around $320,000 to $350,000 by 2029. Average rent prices might increase to approximately $1,200 to $1,300 per month over the same period. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 17366 has experienced a gradual shift towards a slightly higher percentage of renters, accompanied by substantial increases in both average home prices and rent prices. The area has maintained a relatively high homeownership rate despite these changes, but recent trends suggest a potential for further shifts in the housing market dynamics. The interplay between rising home prices, increasing rent costs, and fluctuating interest rates will likely continue to shape the real estate landscape in this Pennsylvania borough in the coming years.
