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Average Home Values and Ownership in Zip Code 18067: A Decade of Growth and Stability
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 18067, located in Northampton, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 18067 has shown a slight decline over the years, with some fluctuations. In 2013, the homeownership rate was 81%, which decreased to 77% by 2022. This trend coincides with changes in average home prices. The average home price in 2013 was $172,604, which steadily increased to $281,065 by 2022, representing a substantial 62.8% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices rising from $218,058 to $281,065, a 28.9% increase in just two years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 79-82%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), we see a corresponding decline in homeownership rates from 79% to 75%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in zip code 18067 has shown an inverse relationship to homeownership rates, increasing from 19% in 2013 to 23% in 2022. This trend correlates with the rise in average rent prices. In 2013, the average rent was $1,099, which increased to $1,184 by 2022, representing a 7.7% increase. Notably, there were significant fluctuations in rent prices during this period, with the highest average rent of $1,292 recorded in 2019. The population growth from 18,497 in 2013 to 19,746 in 2022 may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 18067 continued to rise, reaching $296,016 in 2023 and $312,375 in 2024. This represents a 5.3% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 18067 to continue their upward trajectory, potentially reaching around $380,000 by 2029. Average rent prices are also likely to increase, albeit at a more moderate pace, potentially reaching approximately $1,350 by 2029. These predictions assume continued population growth and economic stability in the area.
In summary, zip code 18067 has experienced a gradual shift towards renting, with homeownership rates decreasing slightly over the past decade. Average home prices have shown substantial growth, particularly in recent years, while rent prices have increased more modestly. The interplay between federal interest rates, housing prices, and demographic changes continues to shape the local real estate market, with expectations of further price increases in both the homeownership and rental sectors in the coming years.
