Conversely, the percentage of renters in zip code 17823 has decreased from 19% in 2017 to 14% in 2022. This decline in renters corresponds with an increase in average rent prices. The average rent rose from $760 in 2017 to $832 in 2022, representing a 9.5% increase over five years. This trend suggests that as rental prices increased, more residents may have opted for homeownership, particularly given the relatively affordable home prices in the area.

In 2023 and 2024, we see continued fluctuations in the housing market for zip code 17823. The average home price increased slightly to $246,345 in 2023 before decreasing to $233,238 in 2024. This recent decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices in the area.

Looking ahead, predictive models suggest that average home prices in zip code 17823 may continue to experience moderate fluctuations over the next five years. Given the recent trend and current economic conditions, we might expect average home prices to stabilize or potentially decrease slightly in the short term, followed by modest growth as the market adjusts to higher interest rates. Average rent prices are projected to continue their upward trajectory, albeit at a slower pace, potentially reaching around $900 by 2029.

In summary, zip code 17823 has demonstrated a strong trend towards homeownership, with a corresponding decrease in renters over the past decade. Despite rising average rent prices, the relatively affordable housing market has likely contributed to the high rate of homeownership. The recent increase in interest rates and subsequent cooling of home prices suggest a potential shift in the market dynamics, which will be important to monitor in the coming years.