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Home Values and Ownership in Zip Code 17202: A Decade of Stability and Growth in Marion, 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
Zip code 17202, located in Marion, Pennsylvania, has shown interesting dynamics in homeownership and housing market trends over the past decade. This area has experienced fluctuations in both ownership percentages and average home prices, reflecting the broader economic and demographic changes in the region. The homeownership rate in zip code 17202 has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 79%, and by 2022, it had increased slightly to 80%. This indicates a strong preference for homeownership in the area. Concurrently, average home prices have shown a significant upward trend. In 2013, the average home price was $184,414, which steadily increased to $284,684 by 2022, representing a substantial 54.4% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable, only fluctuating between 75% and 80%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership decisions in this area than interest rates alone.
Renter percentages and average rent prices in zip code 17202 have shown some correlation. In 2013, the renter-occupied percentage was 21%, with an average rent of $993. By 2022, the renter percentage had decreased slightly to 20%, while the average rent had decreased to $945. This slight decrease in both renter percentage and average rent could indicate a shift towards homeownership or changes in the local rental market dynamics. The population growth from 31,960 in 2013 to 33,500 in 2022 may have also influenced these housing trends.
In 2023 and 2024, the housing market in zip code 17202 continued to evolve. The average home price reached $295,567 in 2023 and further increased to $300,529 in 2024, showing a continued upward trend. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in zip code 17202: Average home prices are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $330,000 to $350,000 by 2029. Average rent prices, which have shown some volatility, may stabilize and gradually increase. We could see average rents in the range of $1,100 to $1,200 by 2029, assuming continued population growth and economic stability in the area.
In summary, zip code 17202 has demonstrated a strong homeownership market with steadily increasing average home prices over the past decade. The area has maintained a high homeownership rate despite fluctuations in interest rates and economic conditions. While the rental market has shown some variability, it remains a significant component of the local housing landscape. The recent sharp increase in interest rates may influence future housing market dynamics, potentially affecting both homeownership rates and housing affordability in the coming years.
