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Home Values and Ownership in Zip Code 18347: A Decade of Change in Pocono Pines
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 18347, located in Pocono Pines, Pennsylvania, presents an interesting case study of housing market dynamics in a small community. Over the past decade, this area has experienced notable fluctuations in homeownership rates and significant changes in both average home prices and average rent prices.
The trend between homeownership percentage and average home prices in zip code 18347 shows an inverse relationship. In 2013, the area had a high homeownership rate of 90%, with an average home price of $127,890. However, as average home prices steadily increased, reaching $267,249 in 2022, the homeownership rate declined to 78%. This suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates appear to have influenced homeownership rates in this zip code. For instance, when interest rates were low at 0.11% in 2013, homeownership was at its peak of 90%. As interest rates began to rise, reaching 1.68% in 2022, homeownership declined to 78%. This aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage and average rent prices in zip code 18347 show a positive correlation. In 2013, when the renter-occupied percentage was 10%, the average rent was $877. By 2022, as the renter percentage increased to 22%, the average rent also rose significantly to $1,185. This upward trend in both renter occupancy and rent prices could be attributed to the growing population, which peaked at 3,244 in 2018, potentially increasing demand for rental properties.
Looking at the most recent data, the average home price in zip code 18347 continued to rise, reaching $274,186 in 2023 and $280,436 in 2024. This represents a 5% increase from 2022 to 2024. Concurrently, federal interest rates have also increased substantially, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18347 will continue to rise, potentially reaching around $320,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a continued increase, potentially reaching approximately $1,400 by 2029, assuming the trend of rising rents persists.
In summary, zip code 18347 has experienced a shift from high homeownership to increased renting, coinciding with rising home prices and rents. The inverse relationship between homeownership rates and home prices, coupled with the influence of interest rates, highlights the complex dynamics of the local housing market. As average home prices and rents continue to rise, it will be crucial to monitor how these trends affect the community's housing landscape in the coming years.
