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Average Home Values and Ownership in Zip Code 18063: A Unique Look at Martins Creek, 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 18063, located in Martins Creek, Pennsylvania, is a small area with a population of just 4 residents as of 2022. This zip code has experienced interesting fluctuations in homeownership rates and housing prices over the past decade, providing a unique perspective on local real estate trends.
The ownership percentage in zip code 18063 has shown considerable variability over the years. In 2013, the homeownership rate was 50%, which increased to 100% in 2014 and 2015. However, it dropped back to 50% in 2016, before rising again to 100% in 2017 and remaining at that level through 2022. Concurrently, average home prices have shown a steady upward trend. In 2014, the average home price was $151,895, which increased to $241,052 by 2022, representing a significant 58.7% increase over eight years.
Federal interest rates have played a role in homeownership trends in zip code 18063. During periods of lower interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates remained high, ranging from 50% to 100%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership in the area remained at 100%, suggesting strong local demand for housing despite increasing borrowing costs.
Renter percentages and average rent prices in zip code 18063 have shown some interesting patterns. Average rent prices have fluctuated over the years. In 2013, the average rent was $1,100, which decreased to $881 by 2015. The average rent continued to decline, reaching $628 in 2020, before increasing slightly to $868 in 2022. These fluctuations in rent prices occurred despite the small and relatively stable population, suggesting other local factors may be influencing rental markets.
In 2023 and 2024, zip code 18063 has seen continued growth in average home prices. The average home price reached $252,894 in 2023 and further increased to $267,159 in 2024, representing a 5.6% year-over-year increase. 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 the observed trends, we can predict that average home prices in zip code 18063 will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, possibly reaching $950-$1,000 by 2029, assuming continued economic stability and demand in the area.
In summary, zip code 18063 has demonstrated resilient homeownership rates despite fluctuating housing prices and rising interest rates. The area has seen significant appreciation in home values over the past decade, with this trend expected to continue. While rent prices have been more volatile, they show signs of potential stabilization and growth in the coming years. These trends suggest a strong local housing market with potential for continued growth and investment opportunities.
