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High Homeownership Rates and Stable Home Values: A Study of Zip Code 17243 in Rockhill, 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
Rockhill, situated in zip code 17243 in Pennsylvania, has demonstrated a resilient housing market over the past decade. This small community, with a population of 1,925 in 2022, has maintained a consistently high rate of homeownership while experiencing fluctuations in average home prices and rent rates.
The homeownership rate in Rockhill has remained notably high, ranging from 79% to 82% between 2013 and 2022. Starting at 79% in 2013, it reached its peak at 82% in 2022. This strong trend in homeownership persisted despite variations in average home prices. In 2022, the average home price was recorded at $146,891.
Federal interest rates have influenced homeownership trends in the area. From 2013 to 2015, interest rates were very low, around 0.1%, coinciding with a stable 79% homeownership rate. As interest rates gradually increased from 2016 to 2019, reaching 2.16% in 2019, homeownership briefly rose to 81% in 2016 before returning to 79% in 2019. This pattern suggests that while interest rates play a role in homeownership decisions, local factors also significantly impact this community's housing market.
Renter percentages in Rockhill have remained relatively low, fluctuating between 18% and 21% from 2013 to 2022. Interestingly, average rent prices showed a general downward trend during this period. In 2013, the average rent was $677, which increased slightly to $693 in 2014. However, from 2015 onwards, there was a consistent decrease in average rent prices, reaching a low of $487 in 2019. This trend is unusual, as declining rent prices often correlate with increased renter percentages, but this was not observed in Rockhill. The stability in renter percentage despite decreasing rent prices suggests that other factors, such as local job markets or housing availability, may have influenced renting decisions.
Recent data shows that the average home price in Rockhill for 2023 was $144,985, a slight decrease from 2022. However, in 2024, the average home price increased to $146,361, indicating a small rebound in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership rates and housing affordability in the coming years.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Rockhill may continue to experience modest growth, potentially reaching around $155,000 by 2029. This projection is based on the recent upward trend and assumes relatively stable economic conditions. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching around $650 by 2029, as the market adjusts to changing economic factors and housing demand.
In summary, Rockhill in zip code 17243 has maintained a high rate of homeownership despite fluctuations in average home prices and rent rates. The community has shown resilience in its housing market, with recent data indicating a slight rebound in home prices. The relationship between federal interest rates and local homeownership rates has been notable but not always directly correlated, suggesting that local factors play a significant role in housing decisions in this area. Looking forward, modest growth in both home prices and rent rates is anticipated, reflecting the steady nature of this Pennsylvania community's housing market.
