Renter percentages in zip code 18052 have correspondingly decreased from 40% in 2013 to 37% in 2022. Despite this decline, average rent prices have shown an overall upward trend, rising from $1,021 in 2013 to $1,176 in 2022, an increase of 15.2%. This trend suggests that while fewer residents are renting, those who do are facing higher rental costs. The population growth from 26,643 in 2013 to 28,839 in 2022 may have contributed to the pressure on rental prices, even as homeownership rates increased.

In 2023 and 2024, the housing market in zip code 18052 continued to evolve. The average home price reached $291,725 in 2023 and further increased to $307,583 in 2024, representing a 12.4% growth over two years. This occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and housing affordability in the area.

Looking ahead, predictive models suggest that average home prices in zip code 18052 may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $1,400 per month within the same timeframe. These predictions are based on historical trends and current market conditions.

In summary, zip code 18052 has experienced a notable increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the percentage of renters. Despite this shift, average rent prices have also risen, albeit at a slower rate than home prices. The area has shown resilience in its housing market, with continued price growth even in the face of recent interest rate hikes. As the market continues to evolve, balancing housing affordability with homeownership opportunities will likely remain a key consideration for this Pennsylvania community.