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Average Home Values and Ownership in Zip Code 18214: Park Crest's Resilient Housing Market
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
Park Crest, located in zip code 18214 in Pennsylvania, is a small community characterized by its high rate of homeownership and relatively stable housing market. Over the past decade, this area has maintained a consistently high percentage of owner-occupied homes, while experiencing gradual changes in average home prices and rental rates.
The homeownership rate in Park Crest has remained remarkably stable, hovering around 93% from 2013 to 2022. This high rate of ownership coincides with a steady increase in average home prices. In 2013, the average home price was $115,329, which rose to $190,201 by 2022, representing a 65% increase over nine years. This upward trend in home prices did not significantly impact the homeownership rate, suggesting a strong preference for homeownership in this community regardless of price fluctuations.
Federal interest rates have played a role in supporting homeownership in Park Crest. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, the homeownership rate remained consistently high at 93-94%. Even as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Park Crest only slightly decreased to 92%, demonstrating the area's resilience to interest rate changes.
The rental market in Park Crest, while small, has shown some fluctuations. The percentage of renters increased slightly from 6% in 2015 to 8% in 2022. Average rent prices have been volatile, peaking at $883 in 2016 before declining to $703 in 2022. This decline in average rent, coupled with the slight increase in renter percentage, suggests that renting became more affordable and potentially more attractive to a small segment of the population. However, the overall preference for homeownership remains dominant in this area.
In 2023 and 2024, Park Crest experienced further changes in its housing market. The average home price slightly decreased to $188,401 in 2023 but then rebounded to $199,834 in 2024, marking a new high for the area. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates haven't seemed to dampen the local housing market, suggesting strong underlying demand for homes in this zip code.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in Park Crest will continue to rise moderately over the next five years. The area's consistently high homeownership rate and recent price resilience in the face of higher interest rates support this projection. Average rent prices, which have been more volatile, may stabilize or see modest increases as the rental market remains a small but persistent segment of the local housing landscape.
In summary, Park Crest (18214) demonstrates a strong and stable housing market dominated by homeownership. The area has shown resilience to economic changes, maintaining high ownership rates despite fluctuations in home prices and interest rates. While the rental market plays a minor role, it provides an alternative that caters to a small portion of the population. The recent uptick in home prices, even amidst rising interest rates, suggests continued strength and potential growth in this local housing market for the foreseeable future.
