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Average Home Values and Ownership in Zip Code 17372: York Springs' Stable Homeownership Amid Rising Prices
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
York Springs, located in zip code 17372 in Pennsylvania, is a small community that has experienced notable changes in its housing market over the past decade. This area has maintained a relatively stable homeownership rate while seeing significant fluctuations in average home prices and rent costs. The homeownership rate in York Springs has remained consistently high, hovering around 80% from 2013 to 2022. During this period, average home prices have shown a strong upward trend. In 2010, the average home price was $175,933, which steadily increased to $292,248 by 2022, representing a substantial 66% growth over 12 years. This rise in home values has been particularly pronounced in recent years, with a 25% increase from 2020 to 2022 alone.
The relationship between federal interest rates and homeownership rates in York Springs appears to follow the general economic principle that lower interest rates encourage homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained stable at 80%. This stability in homeownership, despite rising home prices, suggests that low interest rates may have helped maintain affordability for potential buyers.
Renter percentages in York Springs have remained relatively stable, fluctuating between 18% and 21% from 2013 to 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $1,125, which decreased to $802 in 2015, then rose again to $971 in 2017. By 2022, the average rent stood at $897, showing a slight overall decrease from 2013 levels. This fluctuation in rent prices, coupled with a growing population (from 4,509 in 2013 to 4,739 in 2022), suggests a dynamic rental market responding to changing local conditions.
In 2023 and 2024, the housing market in York Springs continued its upward trajectory. The average home price reached $307,153 in 2023 and further increased to $320,639 in 2024, representing a 9.7% growth over these two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may also see modest increases, influenced by factors such as housing demand, local economic conditions, and overall population growth in the area.
In summary, York Springs (17372) has maintained a high rate of homeownership despite substantial increases in average home prices. The rental market has shown more variability in pricing, while renter percentages have remained relatively stable. The recent sharp rise in interest rates, coupled with continued growth in home values, may present new challenges and opportunities in the local housing market in the coming years.
