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Average Home Values and Ownership in Zip Code 18336: Matamoras's Real Estate Evolution
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 18336, located in Matamoras, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen fluctuations in its population density and housing market dynamics, reflecting broader economic trends and local developments.
The homeownership rate in zip code 18336 has shown a slight downward trend from 2013 to 2022. In 2013, the ownership rate stood at 70%, and by 2022, it had decreased to 68%. During this same period, average home prices in the area experienced significant growth. In 2013, the average home price was $124,502, and by 2022, it had risen to $269,250, representing a substantial 116% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. From 2013 to 2016, when interest rates were relatively low (ranging from 0.11% to 0.40%), homeownership rates increased from 70% to 74%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 68%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 18336 have shown a slight increase, moving from 30% in 2013 to 32% in 2022. Interestingly, average rent prices have also risen during this period. In 2013, the average rent was $1,055, and by 2022, it had increased to $1,160, representing a 10% rise. The population in the zip code grew from 3,449 in 2013 to 3,565 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 18336 continued to show growth. The average home price reached $275,402 in 2023 and further increased to $286,682 in 2024. This represents a 2.3% increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on the historical data and current trends, we can predict continued growth in both average home prices and rent prices over the next five years. Average home prices are likely to continue their upward trajectory, potentially reaching around $330,000 by 2029. Average rent prices may also see a steady increase, possibly approaching $1,300 per month in the same timeframe. However, these projections could be influenced by various factors, including economic conditions, local development, and changes in interest rates.
In summary, zip code 18336 has experienced a slight decrease in homeownership rates alongside substantial growth in average home prices over the past decade. Renter percentages have marginally increased, accompanied by moderate growth in average rent prices. The recent sharp rise in interest rates, coupled with continuing increases in home prices, suggests that the local housing market may face new challenges and opportunities in the coming years.
