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Average Home Values and Ownership in Zip Code 18624: Holiday Pocono's Shifting Real Estate Landscape
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
Holiday Pocono, located in zip code 18624 in Pennsylvania, has experienced significant shifts in its housing market over the past decade. This area has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Holiday Pocono has shown a consistent upward trend, rising from 82% in 2013 to 94% in 2022. This substantial increase in homeownership coincides with a dramatic rise in average home prices. In 2011, the average home price was $198,695, which remained relatively stable until 2019 when it began to climb rapidly. By 2022, the average home price had soared to $373,131, representing an impressive 87.8% increase over 11 years.
The relationship between federal interest rates and homeownership rates in Holiday Pocono appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership increased from 82% to 88%. The continued low interest rates in subsequent years likely contributed to the further rise in homeownership, reaching 94% by 2020 and maintaining that level through 2022.
Conversely, the percentage of renters in Holiday Pocono has decreased significantly, dropping from 18% in 2013 to just 6% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. The average rent increased from $948 in 2013 to a peak of $1,043 in 2015, before declining to $873 in 2019. However, it rebounded to $998 by 2022. This fluctuation in rent prices, despite the decreasing renter population, could be attributed to various factors including changes in housing quality, local economic conditions, or shifts in the types of rental properties available.
Looking at the most recent data, the average home price in Holiday Pocono continued its upward trajectory, reaching $390,781 in 2023 and $391,035 in 2024. This represents a 4.7% increase from 2022 to 2023, followed by a slight 0.06% increase from 2023 to 2024. Interestingly, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the average home prices in this area have continued to rise, albeit at a slower pace.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Holiday Pocono will continue to increase, but at a more moderate rate compared to the rapid growth seen in recent years. The average rent prices are expected to stabilize or show modest increases, influenced by the area's high homeownership rate and limited rental market.
In summary, Holiday Pocono has experienced a significant shift towards homeownership, with a corresponding surge in average home prices. The area has maintained a high rate of homeownership despite recent increases in interest rates, suggesting strong local demand for housing. The rental market, while smaller, has seen fluctuations in average rent prices. These trends reflect a dynamic housing market in zip code 18624, characterized by increasing property values and a strong preference for homeownership among residents.
