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Average Home Values and Ownership in Zip Code 18235: A Historical Weissport East Perspective
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 18235, located in Weissport East, Pennsylvania, showcases an interesting dynamic between homeownership and rental trends over the past decade. This area has maintained a relatively high homeownership rate, while experiencing significant fluctuations in average home prices and rent costs.
The homeownership rate in zip code 18235 has remained relatively stable, with a slight overall decline from 78% in 2013 to 76% in 2022. During this period, average home prices have shown a remarkable upward trend. In 2013, the average home price was $139,723, which steadily increased to $232,201 by 2022, representing a substantial 66% growth over nine years. This rise in home prices did not significantly impact the homeownership rate, suggesting a resilient local housing market and potentially strong economic conditions in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 18235. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), the homeownership rate remained stable at around 77-78%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 76%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The rental market in zip code 18235 has shown interesting patterns as well. The percentage of renters increased slightly from 21% in 2013 to 23% in 2022. During this period, average rent prices fluctuated. In 2013, the average rent was $852, which rose to $921 in 2017, representing an 8% increase. However, by 2022, the average rent had decreased to $891, a 3% drop from its peak. These fluctuations in rent prices, coupled with the modest increase in the renter population, suggest a relatively balanced rental market in the area.
Looking at more recent data, the average home price in zip code 18235 continued its upward trajectory, reaching $245,859 in 2023 and further increasing to $253,646 in 2024. This represents a 9% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 18235 to continue rising, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $290,000 to $300,000. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $950 to $1,000 per month by 2029.
In summary, zip code 18235 has demonstrated a robust housing market with steadily increasing home values and a relatively stable homeownership rate. The rental market has shown more fluctuation but remains an important component of the local housing landscape. The recent sharp increase in interest rates may present challenges to homeownership in the coming years, potentially leading to a slight shift towards renting. However, the area's history of maintaining high homeownership rates suggests a resilient market that may adapt to these changing conditions.
