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Average Home Values and Ownership in Zip Code 18326: A Decade of Fluctuations in Mountainhome, 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 18326, located in Mountainhome, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership, coupled with fluctuating average home prices and rent costs. The homeownership rate in zip code 18326 has shown a gradual decline from 2013 to 2019, dropping from 82% to 75%. However, there was a slight recovery in recent years, with the rate increasing to 79% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, when homeownership was at its peak, the average home price was $136,908. As homeownership declined, average home prices initially decreased, reaching a low of $133,920 in 2015. However, from 2016 onwards, despite the continued decrease in homeownership, average home prices began to rise steadily, reaching $263,786 in 2022. This suggests that while fewer residents were buying homes, the value of properties in the area was appreciating significantly.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2016 saw extremely low interest rates (ranging from 0.09% to 0.4%), which coincided with relatively high homeownership rates of 75-82%. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, we observed a slight dip in homeownership rates, though they remained relatively stable around 75-79%.
Renter percentages in zip code 18326 have generally increased from 18% in 2013 to 21% in 2022, with a peak of 25% from 2017 to 2019. Interestingly, average rent prices did not consistently follow this trend. The average rent price peaked at $966 in 2014 when the renter percentage was still relatively low at 18%. Subsequently, as the renter percentage increased, average rent prices actually decreased, reaching a low of $798 in 2018 when the renter percentage was at its highest of 25%. This could potentially be attributed to an increase in rental supply or economic factors affecting the local housing market.
Looking at the most recent data, in 2023, the average home price in zip code 18326 rose to $274,126, with federal interest rates at 5.02%. In 2024, we see a further increase in average home prices to $284,052, while interest rates have slightly increased to 5.33%. This continued rise in home prices despite higher interest rates suggests strong demand in the local housing market.
Applying predictive models to forecast 5-year trends, we can anticipate a continued increase in average home prices, potentially reaching around $320,000 by 2029 if the current trajectory persists. Average rent prices may stabilize or show modest increases, possibly reaching $850-$900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 18326 has experienced a complex interplay between homeownership rates, average home prices, and rent costs. While homeownership has generally decreased over the past decade, property values have significantly appreciated, especially in recent years. The rental market has shown interesting dynamics, with increasing renter percentages not always correlating with higher rent prices. The area's housing market appears robust, with continued growth in home values despite fluctuations in interest rates and ownership patterns.
