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Home Values and Ownership in Marysville, PA: Zip Code 17053's Resilient Housing Market
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 17053, located in Marysville, Pennsylvania, has experienced fluctuations in population and housing dynamics over the past decade. This area, spanning 26.94 square miles, has maintained a relatively stable homeownership rate while witnessing significant changes in average home prices and rental costs. The homeownership rate in zip code 17053 has remained fairly consistent, hovering around 78-79% from 2013 to 2022. Despite this stability, average home prices have shown a steady upward trend. In 2010, the average home price was $174,472, which increased to $252,753 by 2022, representing a substantial 44.9% growth over 12 years. This rise in home values did not significantly impact homeownership rates, suggesting that other factors, such as local economic conditions or housing preferences, may have played a role in maintaining the high percentage of owner-occupied homes.
Federal interest rates have shown a notable correlation with homeownership rates in this area. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in the zip code reached 78% and 79%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Rental trends in zip code 17053 have shown interesting patterns. The percentage of renters has fluctuated slightly, ranging from 20% to 24% between 2013 and 2022. Average rent prices have also experienced variations. In 2013, the average rent was $1,012, which increased to $1,045 in 2015. However, there was a notable decrease to $883 in 2020, followed by a significant rebound to $1,043 in 2021. These fluctuations in rent prices and renter percentages could be attributed to various factors, including changes in local job markets, housing supply, or broader economic conditions affecting the area.
In 2023 and 2024, the housing market in zip code 17053 continued its upward trajectory. The average home price reached $265,501 in 2023 and further increased to $273,200 in 2024, representing a 3% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand or limited housing supply in the area.
Looking ahead, predictive models suggest that average home prices in zip code 17053 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the overall upward trend in the housing market. However, the rate of increase for both home prices and rents may be tempered by economic factors and housing market dynamics specific to the Marysville area.
In summary, zip code 17053 has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The area has weathered fluctuations in rental markets and responded to changes in federal interest rates. The continued rise in home values, even in the face of higher interest rates, suggests a robust local housing market. As we move forward, the interplay between homeownership rates, housing prices, and rental trends will likely continue to shape the residential landscape of this Pennsylvania community.
