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Home Values and Ownership in Zip Code 17363: Suburban Charm Meets Rising Prices
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
Stewartstown, located in zip code 17363 in Pennsylvania, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving real estate landscape of this community. The homeownership rate in zip code 17363 has shown a gradual decline from 2013 to 2022. In 2013, the ownership rate was 89%, but by 2022, it had decreased to 84%. This 5% drop in homeownership coincided with a substantial increase in average home prices. The average home price rose from $211,874 in 2013 to $333,399 in 2022, representing a significant 57.4% increase over this period. The relationship between federal interest rates and homeownership rates in this area generally follows an inverse pattern. When interest rates were at historic lows between 2013 and 2015 (ranging from 0.11% to 0.13%), homeownership rates remained relatively stable at around 89%. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% by 2022, there was a corresponding decline in homeownership rates to 84%.
The percentage of renters in zip code 17363 has shown an upward trend, increasing from 11% in 2013 to 16% in 2022. This rise in the renter population has been accompanied by fluctuations in average rent prices. The average rent reached its peak at $1,240 in 2013, then experienced a general downward trend, hitting a low of $894 in 2019. However, it rebounded significantly to $1,300 by 2022, representing a 45.4% increase from the 2019 low. This trend suggests a growing demand for rental properties in the area, potentially driven by the decreasing affordability of homeownership.
In 2023 and 2024, the housing market in zip code 17363 continued its upward trajectory. The average home price rose to $351,531 in 2023 and further increased to $362,019 in 2024, marking an 8.6% growth over these two years. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that the trends observed in recent years are likely to continue. Over the next five years, average home prices in zip code 17363 are projected to maintain their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are also expected to rise, possibly surpassing $1,500 per month within the same timeframe, reflecting the increasing demand for rental properties in the area.
In summary, zip code 17363 has experienced a clear shift towards a more rental-oriented market, with decreasing homeownership rates and rising average home prices. The interplay between federal interest rates, housing affordability, and rental demand has shaped a dynamic real estate landscape in Stewartstown. As average home prices continue to climb and interest rates remain relatively high, the trend towards renting is likely to persist, potentially leading to further increases in both average rent prices and the proportion of renters in the community.
