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Average Home Values and Ownership in Zip Code 18507: A Decade of Change in Moosic, 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 18507, located in Moosic, Pennsylvania, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has seen a gradual decrease in homeownership rates coupled with fluctuating property values and rental costs.
The ownership percentage in zip code 18507 has shown a downward trend, decreasing from 81% in 2016 to 67% in 2022. This decline in homeownership coincides with an overall increase in average home prices. In 2016, the average home price was $128,928, which rose to $188,146 by 2022, representing a 46% increase over six years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2015, when interest rates were historically low (ranging from 0.1% to 0.13%), homeownership rates in the area remained relatively stable, hovering around 80%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates started to decline. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
As homeownership rates decreased, the percentage of renters in zip code 18507 increased from 19% in 2016 to 33% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. The average rent peaked at $923 in 2015, then experienced a sharp decline to $688 in 2018, before rising again to $727 in 2022. This fluctuation in rent prices, coupled with the increasing renter population, suggests a complex rental market influenced by various factors, including local economic conditions and housing supply.
In 2023 and 2024, the housing market in zip code 18507 continued to evolve. The average home price reached $200,999 in 2023 and further increased to $209,217 in 2024, marking a substantial rise from previous years. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers, potentially impacting future homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in zip code 18507 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to stabilize or increase moderately, reflecting the growing demand for rental properties in the area. However, economic factors and local market conditions will play crucial roles in shaping these trends.
In summary, zip code 18507 has experienced a shift towards a more rental-oriented housing market, with declining homeownership rates and rising average home prices. The interplay between federal interest rates, housing costs, and rental demand has significantly influenced these trends. As the area continues to evolve, maintaining a balance between affordable housing options and property values will be crucial for the local real estate market.
