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Average Home Values and Ownership in Zip Code 18829: A Rural Pennsylvania Community's Housing Trends
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 18829, located in LeRaysville, Pennsylvania, is a rural area spanning 25.61 square miles. This small community has experienced fluctuations in population and housing trends over the past decade. The area has maintained a high rate of homeownership, generally above 80%, while average home prices and average rent have shown an upward trajectory in recent years.
The homeownership rate in zip code 18829 has remained relatively stable, ranging from 83% to 87% between 2013 and 2022. During this period, average home prices have shown a significant increase. In 2020, the average home price was $164,337, which rose to $198,279 by 2022, representing a 20.7% increase in just two years. This upward trend in home prices, coupled with the consistent high rate of homeownership, suggests a strong demand for housing in the area and a preference for owning rather than renting among residents.
Federal interest rates have played a role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the area's high homeownership rates, likely making mortgages more affordable for residents. The slight dip in homeownership from 87% in 2016 to 83% in 2022 could be attributed to the gradual increase in interest rates that began in 2016, potentially making home purchases less affordable for some residents.
Renter percentages in zip code 18829 have fluctuated between 13% and 17% from 2013 to 2022. Interestingly, average rent prices have shown a steady increase during this period. In 2013, the average rent was $489, which rose to $973 by 2022, representing a significant 99% increase over nine years. This substantial rise in average rent prices, despite relatively stable renter percentages, could be indicative of increased housing costs in the area or improvements in rental property quality.
Looking at the most recent data, the average home price in zip code 18829 reached $211,323 in 2023 and further increased to $223,325 in 2024. This represents a 12.6% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in zip code 18829 will continue to rise, potentially reaching around $260,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on the historical trends observed in the area and assume relatively stable economic conditions.
In summary, zip code 18829 has maintained a high rate of homeownership despite rising average home prices and average rent costs. The area has demonstrated resilience in its housing market, with steady population growth and increasing property values. The relationship between federal interest rates and homeownership rates highlights the impact of broader economic factors on local housing trends. As the community continues to evolve, it will be important to monitor how these trends affect housing affordability and community dynamics in LeRaysville.
