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Average Home Values and Ownership in Zip Code 17701: Williamsport's Little League City Housing Trends
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 17701, located in Williamsport, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its rich history and scenic beauty, has seen fluctuations in its real estate market that reflect broader economic trends and local demographic changes.
The homeownership rate in zip code 17701 has shown a slight downward trend over the years, moving from 58% in 2015 to 55% in 2022. This decline coincides with a steady increase in average home prices, which rose from $131,145 in 2015 to $171,927 in 2022, representing a 31% increase over seven years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. For instance, the period from 2015 to 2021 saw historically low interest rates, ranging from 0.13% to 0.08%. Despite these favorable borrowing conditions, the homeownership rate in zip code 17701 did not see a significant increase, suggesting that other factors, such as local economic conditions or housing supply, may have influenced homeownership decisions.
Renter percentages in zip code 17701 have slightly increased from 42% in 2015 to 45% in 2022. This rise in renters coincides with an increase in average rent prices, which grew from $861 in 2015 to $852 in 2022. Although there was a slight dip in average rent in 2022, the overall trend shows a modest increase. The population of the zip code has decreased from 44,914 in 2015 to 43,332 in 2022, which may have contributed to the relative stability in rent prices despite the increasing percentage of renters.
In 2023 and 2024, the real estate market in zip code 17701 continued to evolve. The average home price reached $181,051 in 2023 and further increased to $185,926 in 2024, marking a 5.3% and 8.1% increase from 2022, respectively. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 17701 may continue to rise over the next five years, potentially reaching around $210,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $950 per month within the same timeframe. These projections are based on historical trends and current market conditions, but actual outcomes may vary depending on economic factors and local developments.
In summary, zip code 17701 has experienced a gradual shift towards renting, with a slight decrease in homeownership rates despite periods of low interest rates. Average home prices have shown consistent growth, even in the face of recent interest rate hikes. The rental market has remained relatively stable with a modest upward trend in both renter percentages and average rent prices. As the area moves forward, it will likely continue to see appreciation in both home values and rental costs, reflecting the ongoing dynamics of its housing market.
