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Home Values and Ownership Trends in Zip Code 16947: Sylvania'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 16947, located in Sylvania, Pennsylvania, is a rural area spanning 118.45 square miles. This zip code has experienced fluctuating homeownership rates and housing prices over the past decade, with a general trend towards increased average home values and relatively stable rental markets.
The homeownership rate in zip code 16947 has remained relatively steady, ranging from 72% to 76% between 2013 and 2022. During this period, average home prices showed a significant upward trend. In 2013, the average home price was $141,967, which increased to $182,410 by 2022, representing a 28.5% growth over nine years. This rise in home values did not significantly impact homeownership rates, suggesting that other factors may have influenced residents' ability to maintain homeownership.
Federal interest rates have played a role in homeownership trends. For instance, in 2013, when interest rates were at 0.11%, the homeownership rate was 73%. As interest rates remained low through 2020 (0.38%), homeownership rates fluctuated minimally, staying between 72% and 75%. This stability in homeownership during periods of low interest rates indicates that favorable financing conditions may have helped maintain homeownership levels despite rising home prices.
Renter percentages in zip code 16947 have shown slight variations, ranging from 24% to 28% between 2013 and 2022. Average rent prices during this period fluctuated without a clear long-term trend. In 2013, the average rent was $738, peaking at $775 in 2021, and then decreasing to $709 in 2022. These fluctuations in rent prices did not correspond directly with changes in the renter population percentage, suggesting that local economic factors or housing supply may have influenced rental market dynamics more than price changes alone.
In 2023, the average home price in zip code 16947 reached $185,768, continuing the upward trend observed in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price further increased to $192,482, while federal interest rates climbed to 5.33%. These figures indicate a resilient housing market in the area, with home values continuing to appreciate even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 16947 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $215,000 to $225,000 by 2029. Rent prices are expected to show modest growth, potentially reaching an average of $750 to $800 per month in the same timeframe, assuming stable economic conditions and housing supply.
In summary, zip code 16947 has demonstrated a robust housing market with steadily increasing average home values over the past decade, despite fluctuations in homeownership rates and federal interest rates. The area has maintained a high proportion of homeowners, suggesting a stable community with a preference for ownership. While rent prices have fluctuated, they have not shown the same consistent growth as home values. The coming years are likely to see continued appreciation in both home values and rent prices, though the rate of increase may be moderated by higher interest rates and other economic factors.
