Loading Content...
Liberty, PA 16930: Rising Home Values and Ownership Rates in a Small Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Liberty, Pennsylvania, zip code 16930, is a small community with a population that has fluctuated between 841 and 977 residents over the past decade. This area has seen a significant increase in homeownership rates and average home prices, while experiencing a slight rise in average rent prices. The trends in this zip code reflect a growing preference for homeownership and a robust real estate market.
The homeownership rate in Liberty has shown a steady upward trend, increasing from 73% in 2013 to 83% in 2022. This 10 percentage point increase coincides with a substantial rise in average home prices. In 2013, the average home price was $165,142, which grew to $235,717 by 2022, representing a 42.7% increase over nine years. This parallel growth suggests a strong correlation between rising home values and the increasing desire for homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponds with the steady increase in homeownership rates in Liberty. The low-cost financing environment likely made homeownership more attainable for residents, contributing to the rising ownership percentages.
As homeownership rates increased, the percentage of renters in Liberty decreased from 27% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices showed a moderate increase. The average rent rose from $785 in 2013 to $880 in 2022, a 12.1% increase over nine years. This trend suggests that even with fewer renters, demand for rental properties remained strong enough to support rising rent prices.
In 2023, the average home price in Liberty reached $238,795, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $244,897, while interest rates rose slightly to 5.33%. These figures indicate continued growth in the local real estate market, despite higher interest rates that might typically slow home buying activity.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $275,000 to $290,000 by 2029. Average rent prices may also continue to climb, potentially reaching $950 to $1,000 per month in the same timeframe.
In summary, Liberty has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The area has maintained a strong real estate market, even in the face of rising interest rates. The rental market, while shrinking in terms of percentage of residents, has seen modest growth in average rent prices. These trends point to a community with a strong preference for homeownership and a resilient housing market that continues to attract investment and maintain value.
