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Average Home Values and Ownership in Zip Code 18013: A Decade of Growth in Bangor, Pennsylvania
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 18013, located in Bangor, Pennsylvania, is a dynamic area covering 64.32 square miles. This zip code has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 18013 has shown a slight decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 76%, gradually decreasing to 75% by 2022. This trend coincides with changes in average home prices, which have seen significant growth over the same period. The average home price in 2013 was $162,116, and by 2022, it had risen to $259,721, representing a substantial increase of approximately 60% over nine years.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally expected pattern. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 74-75%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observe a slight decrease in homeownership rates, dropping from 74% in 2017 to 72% in 2020, before rebounding slightly to 75% in 2022.
Renter percentages in zip code 18013 have shown a corresponding inverse trend to homeownership rates, increasing from 24% in 2013 to 25% in 2022. This shift aligns with changes in average rent prices, which have experienced overall growth during this period. The average rent price rose from $996 in 2013 to $1,051 in 2022, peaking at $1,292 in 2018. It's worth noting that despite population fluctuations, with the population decreasing from 18,873 in 2013 to 18,501 in 2022, rent prices have generally maintained an upward trajectory.
In 2023 and 2024, the housing market in zip code 18013 continued its upward trend. The average home price reached $270,002 in 2023 and further increased to $284,057 in 2024. This represents a 4% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $340,000 by 2029, assuming a similar growth rate to recent years. Average rent prices might increase to approximately $1,200 per month, considering the historical growth pattern and potential market pressures.
In summary, zip code 18013 has experienced a gradual shift towards slightly lower homeownership rates and higher average home prices over the past decade. This trend has been accompanied by modest increases in the renter population and average rent prices. The recent sharp rise in interest rates, coupled with consistently increasing home prices, suggests that the housing market in this area may face affordability challenges in the coming years, potentially further impacting the balance between homeowners and renters.
