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Home Values and Ownership in Zip Code 17214: Blue Ridge Summit's Shifting Housing Landscape
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
Blue Ridge Summit, located in zip code 17214 in Pennsylvania, has experienced significant demographic shifts over the past decade. This small community has seen notable changes in homeownership rates and housing prices, reflecting broader economic trends and local dynamics. The homeownership rate in Blue Ridge Summit has shown a general decline from 2013 to 2022. In 2013, the homeownership rate stood at 69%, but by 2022, it had decreased to 55%. This downward trend was not linear, with fluctuations observed throughout the period. For instance, there was a peak in homeownership in 2016 at 75%, followed by a gradual decline in subsequent years.
Average home prices in the area have shown an upward trajectory in recent years. In 2022, the average home price in zip code 17214 was $259,109. This trend of increasing home values continued into 2023 and 2024, with average prices reaching $271,327 and $276,682, respectively. The rise in home prices, coupled with the decline in homeownership rates, suggests a potential affordability challenge for residents in the area.
The relationship between federal interest rates and homeownership rates in Blue Ridge Summit aligns with well-established economic principles. As interest rates decreased from 2013 to 2020, hovering around historically low levels, homeownership rates initially increased, peaking in 2016. However, despite continued low interest rates, homeownership began to decline after 2016, possibly due to other local economic factors or demographic shifts.
Renter percentages in Blue Ridge Summit have generally increased as homeownership rates declined. In 2013, the renter-occupied rate was 31%, which rose to 45% by 2022. This trend coincided with fluctuations in average rent prices. The average rent in 2013 was $1,029, which decreased to $731 by 2019 and remained relatively stable through 2022 at $731. The increase in renter percentages despite stable rent prices may indicate a shift in housing preferences or economic constraints preventing home purchases.
Looking at the most recent data, the average home price in zip code 17214 for 2023 was $271,327, and for 2024, it increased to $276,682. This represents a year-over-year increase of about 2%. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued moderate increase in average home prices in Blue Ridge Summit. Based on the current trajectory, average home prices could potentially reach around $300,000 by 2029. For rent prices, the forecast suggests a possible stabilization or slight increase, potentially reaching an average of $800-$850 per month in the next five years, assuming economic conditions remain relatively stable.
In summary, Blue Ridge Summit in zip code 17214 has experienced a decline in homeownership rates and an increase in renter percentages over the past decade. Average home prices have shown an upward trend, while rent prices have remained relatively stable in recent years. The interplay between these factors, along with changing interest rates, will likely continue to shape the housing market in this Pennsylvania community in the coming years.
