Loading Content...
Home Values and Ownership in Zip Code 17030: A Decade of Change in Gratz, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 17030, located in Gratz, Pennsylvania, offers a unique glimpse into the housing dynamics of a small rural community. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 17030 has shown a notable decline from 2013 to 2022. In 2013, 76% of residents owned their homes, but by 2022, this figure had dropped to 62%. Interestingly, this downward trend in homeownership coincided with a substantial increase in average home prices. From 2017 to 2022, average home prices in the area rose from $124,601 to $170,581, representing a 36.9% increase over five years.
The relationship between federal interest rates and homeownership rates in this zip code reveals some intriguing patterns. As interest rates remained low between 2013 and 2016, hovering around 0.1% to 0.4%, homeownership rates initially increased, reaching a peak of 83% in 2018. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates started to decline. This trend suggests that while low interest rates initially encouraged homeownership, other factors such as rising home prices may have eventually outweighed the benefits of low financing costs.
Renter percentages in zip code 17030 have shown an inverse relationship to homeownership rates, increasing from 24% in 2013 to 37% in 2022. Average rent prices have also experienced fluctuations during this period. From 2013 to 2019, average rent increased steadily from $643 to $764 per month. However, there was a notable drop in 2020 to $689, followed by a slight recovery to $730 in 2022. The population of the zip code has remained relatively stable during this period, ranging from 267 in 2013 to 287 in 2022, suggesting that changes in rental demand are likely driven by shifts in homeownership rates rather than significant population changes.
Looking at the most recent data, average home prices in zip code 17030 continued to rise in 2023 and 2024, reaching $181,505 and $191,744 respectively. This represents a 12.4% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may put pressure on homeownership rates in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17030 will continue to rise, potentially reaching around $230,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $800 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 17030 has experienced a significant shift in its housing landscape over the past decade. The decline in homeownership rates, coupled with rising home prices and fluctuating rent costs, reflects a changing market dynamic. The recent spike in interest rates may further impact these trends, potentially leading to continued growth in the rental market. As the community adapts to these changes, it will be crucial to monitor how these housing trends affect the overall economic and social fabric of the area.
