Loading Content...
Home Values and Ownership in Zip Code 17370: York Haven's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
York Haven, located in zip code 17370 in Pennsylvania, has experienced notable changes in homeownership rates and housing prices over the past decade. This area has shown a strong preference for homeownership, with rates consistently above 80% throughout the observed period. The trends in average home prices and average rent prices have fluctuated, reflecting broader economic conditions and local market dynamics.
The homeownership rate in York Haven has seen a steady increase from 2013 to 2022. In 2013, the homeownership rate stood at 88%, and by 2022, it had reached 90%. This upward trend coincided with changes in average home prices. In 2013, the average home price was $157,864, which increased to $256,049 by 2022, representing a substantial 62.2% growth over nine years. The rising homeownership rate, despite increasing home prices, suggests a strong local economy and a continued desire for homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates in York Haven remained stable at around 82-84%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 85%. Interestingly, when interest rates dropped significantly in 2020 (0.38%) and 2021 (0.08%), homeownership rates surged to 88% and 89% respectively, showcasing the impact of lower financing costs on homeownership decisions.
The renter population in York Haven has shown an inverse relationship to homeownership trends. In 2013, the renter percentage was 12%, which increased to 18% by 2015. However, as homeownership rates climbed, the renter percentage declined, reaching 10% by 2022. Average rent prices have fluctuated over the years, with a peak of $1,085 in 2021 before decreasing to $906 in 2022. These changes in rent prices do not seem to have a direct correlation with the renter percentage, suggesting other factors such as local economic conditions or housing availability may have more influence on renting decisions in this area.
In 2023 and 2024, average home prices in York Haven continued their upward trajectory. The average home price reached $274,945 in 2023 and further increased to $289,106 in 2024, representing a 5.2% year-over-year growth. This rise occurred despite the federal interest rate increasing to 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for York Haven over the next five years. Assuming a conservative annual growth rate of 4-5%, average home prices could potentially reach around $350,000-$370,000 by 2029. For average rent prices, if the recent stabilization trend continues, we might expect modest increases of 2-3% annually, potentially bringing average rents to approximately $1,000-$1,050 by 2029.
In summary, York Haven has demonstrated a strong preference for homeownership, with rates reaching 90% by 2022. Average home prices have shown significant appreciation, particularly in recent years, despite fluctuations in federal interest rates. The renter population has decreased as homeownership has increased, with rent prices showing some volatility. The housing market in this area appears robust, with continued price appreciation expected in the coming years, reflecting the desirability of the location and the strength of the local real estate market.
