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Home Values and Ownership in Zip Code 17512: A Decade of Shifts in Columbia, 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
Columbia, located in zip code 17512 in Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership alongside rising average home prices and rent costs.
The homeownership rate in Columbia has fluctuated but generally decreased from 2013 to 2022. In 2013, the homeownership rate was 69%, which remained stable until 2016 when it began to decline. By 2019, it had dropped to 63%, its lowest point in the observed period. However, there was a slight recovery in recent years, with homeownership rising to 67% in 2022. Concurrently, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $134,440, and by 2022, it had increased significantly to $231,625, representing a 72% increase over this period.
Federal interest rates have played a role in homeownership trends in Columbia. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 69%. As interest rates began to rise more rapidly from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 63%. The slight recovery in homeownership in recent years occurred despite rising interest rates, suggesting other factors may have influenced this trend.
Renter percentages in Columbia have generally increased as average rent prices rose. In 2013, 31% of residents were renters, with an average rent of $859. By 2019, the renter percentage had increased to 37%, coinciding with an average rent of $995, a 15.8% increase. However, the renter percentage decreased slightly to 33% by 2022, even as the average rent continued to rise, reaching $1,000 in that year. This suggests that while rising rent prices may have initially pushed more residents towards renting, other factors eventually led to a slight reversal of this trend.
In 2023 and 2024, Columbia experienced further increases in average home prices. The average home price in 2023 was $246,882, and in 2024 it rose to $260,466, representing a 5.5% year-over-year increase. This growth occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in Columbia will continue to rise over the next five years, albeit at a potentially slower rate than seen in recent years. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, Columbia has witnessed a complex interplay between homeownership rates, average home prices, and rent costs. While homeownership initially declined as prices rose, recent years have seen a slight recovery despite continuing price increases. The resilience of the local housing market, even in the face of high interest rates, suggests a strong underlying demand for housing in this Pennsylvania community.
