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Home Values and Ownership in Zip Code 18229: Jim Thorpe's Resilient Housing Market
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 18229, located in Jim Thorpe, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its scenic beauty and historical significance, has seen a general trend towards increased homeownership and rising average home prices. The homeownership rate in zip code 18229 has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 84%, and by 2022, it had risen to 87%. This 3% increase in homeownership coincided with a substantial rise in average home prices. The average home price in 2013 was $131,920, and by 2022, it had climbed to $241,341, representing an impressive 83% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 18229. From 2013 to 2020, interest rates remained relatively low, ranging from 0.11% to 2.16%. This period of low interest rates corresponded with the observed increase in homeownership rates, as lower borrowing costs made home purchases more accessible. The homeownership rate rose from 84% in 2013 to 85% in 2020, while average home prices increased from $131,920 to $166,716 during the same period.
The rental market in zip code 18229 has shown some fluctuations over the years. The percentage of renters decreased from 16% in 2013 to 13% in 2022. Despite this decline in the renter population, average rent prices have generally trended upward. In 2013, the average rent was $981, and it rose to $998 by 2022, representing a modest 1.7% increase. However, there were notable fluctuations in between, with average rent reaching a peak of $1,236 in 2017 before declining again.
Looking at the most recent data, the average home price in zip code 18229 continued its upward trajectory, reaching $258,749 in 2023 and further increasing to $267,033 in 2024. This represents a 10.7% increase from 2022 to 2024. 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 that average home prices in zip code 18229 will continue to rise, albeit at a potentially slower pace due to higher interest rates. We project that by 2029, average home prices could reach approximately $310,000 to $330,000. For average rent prices, we expect a moderate increase, potentially reaching $1,100 to $1,200 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 18229 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has seen a slight decrease in the renter population, with modest growth in average rent prices. Recent years have brought substantial increases in both home prices and interest rates, which may influence future housing market dynamics in this Pennsylvania borough.
