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Home Values and Ownership in Harwick, Zip Code 15049: A Decade of Growth
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
Harwick, located in zip code 15049 in Pennsylvania, is a small community that has experienced notable shifts in homeownership and housing market dynamics over the past decade. This area has seen a significant increase in homeownership rates, coupled with fluctuating average home and rent prices.
The ownership percentage in Harwick has shown a strong upward trend, increasing from 73% in 2013 to 82% in 2022. This substantial rise in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $98,192, which grew consistently to reach $162,097 by 2022, representing a 65% increase over this period. The most significant annual jumps occurred between 2020 and 2021, when average home prices rose from $134,771 to $153,214, a 13.7% increase in a single year.
Federal interest rates appear to have played a role in the homeownership trends in Harwick. The period of extremely low interest rates from 2013 to 2021, ranging from 0.08% to 0.40%, coincided with the steady increase in homeownership rates. This relationship aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
As homeownership rates increased, the percentage of renters in Harwick decreased from 27% in 2013 to 18% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. The average rent started at $822 in 2013, dropped to a low of $696 in 2017, then rose to $851 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by factors beyond simple supply and demand.
Looking at the most recent data, the average home price in Harwick continued to rise, reaching $165,274 in 2023 and $174,156 in 2024. This represents a 7.4% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Harwick will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast is less certain due to past volatility, but a moderate increase to approximately $900-$950 per month by 2029 is possible, assuming economic stability and continued population growth.
In summary, Harwick has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The rental market has shown more volatility, both in terms of renter percentages and average rent prices. The recent sharp increase in interest rates may impact these trends moving forward, potentially slowing the rate of homeownership growth and influencing both home prices and rent levels in the coming years.
