Loading Content...
Average Home Values and Ownership in Zip Code 18831: Greens Landing's Fluctuating Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Greens Landing, situated in zip code 18831 in Pennsylvania, is a small community that has experienced notable changes in its housing market over the past decade. The area has witnessed a general decline in homeownership rates, accompanied by rising average rent prices and relatively stable average home values in recent years.
The homeownership rate in Greens Landing has shown a gradual decline from 2013 to 2020, followed by a slight rebound in recent years. In 2013, the ownership rate stood at 89%, which decreased to 79% by 2020. However, there was an uptick to 83% in 2022. This trend does not appear to correlate directly with average home prices, as housing price data is only available for recent years.
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%. Despite these low rates, which typically encourage homeownership, Greens Landing experienced a decline in owner-occupied housing. This suggests that other local factors may have influenced homeownership more strongly than interest rates during this period.
The percentage of renters in Greens Landing has generally increased over time, rising from 11% in 2013 to 21% in 2020, before decreasing to 17% in 2022. This trend has been accompanied by a significant increase in average rent prices. The average rent rose from $490 in 2013 to $960 in 2022, representing a 96% increase over nine years. This sharp rise in rent prices may have contributed to the fluctuations in the renter population, as affordability became an increasing concern.
In 2023 and 2024, the average home prices in Greens Landing have remained relatively stable. The average home price in 2023 was $227,258, with a slight decrease to $227,190 in 2024. This stability in home prices occurs against a backdrop of higher interest rates, with the federal interest rate at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead to the next five years, based on current trends, average home prices in Greens Landing are expected to remain relatively stable or experience modest growth. The average rent prices, however, are likely to continue their upward trajectory, potentially reaching around $1,200 to $1,300 per month by 2029 if the current rate of increase persists.
In summary, Greens Landing has experienced a complex interplay of housing market dynamics over the past decade. The area has seen a general decline in homeownership rates, significant increases in average rent prices, and relatively stable average home values in recent years. These trends, combined with fluctuating interest rates, paint a picture of a housing market in transition, with potential implications for future affordability and community composition.
