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Rising Home Values and Declining Ownership in Zip Code 18249: Conyngham's Decade of Change
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 18249, located in Conyngham, Pennsylvania, has experienced significant shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 18249 has shown a slight decline from 2013 to 2020, followed by a recent uptick. In 2013, the homeownership rate stood at 87%, gradually decreasing to 81% by 2019. However, there was a notable increase to 87% in 2021, with a slight dip to 86% in 2022. Concurrently, average home prices have demonstrated a steady upward trend. In 2010, the average home price was $189,591, rising to $273,047 by 2022, representing a substantial 44% increase over this period.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. From 2013 to 2019, as interest rates gradually increased from 0.11% to 2.16%, homeownership rates declined from 87% to 81%. However, the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 coincided with a rebound in homeownership to 87%, suggesting that lower interest rates may have encouraged home purchases.
Renter percentages in zip code 18249 have generally mirrored the inverse of homeownership trends. The percentage of renters increased from 13% in 2013 to 19% in 2019, before decreasing to 14% in 2022. Average rent prices have shown volatility, with significant fluctuations. In 2013, the average rent was $1,146, peaking at $1,236 in 2014. There was a sharp decline to $720 in 2016, followed by a gradual increase to $787 in 2022. These rent price changes don't always align directly with renter percentage shifts, suggesting other factors, such as local economic conditions or housing supply, may influence rent prices.
In 2023 and 2024, the housing market in zip code 18249 continued its upward trajectory. The average home price reached $278,618 in 2023 and further increased to $291,315 in 2024, representing a 4.6% year-over-year growth. This growth occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can expect continued growth in average home prices in zip code 18249 over the next five years. Projections suggest average home prices could reach approximately $330,000 by 2029, assuming a steady annual growth rate similar to recent years. Average rent prices, which have been more volatile, are harder to predict but could stabilize around $850-$900 per month, factoring in historical fluctuations and potential market stabilization.
In summary, zip code 18249 has experienced a resilient housing market with overall increasing home values, despite some fluctuations in homeownership rates. The recent uptick in homeownership, coupled with rising home prices even in the face of higher interest rates, suggests a strong local demand for housing. The rental market, while more volatile, has shown signs of stabilization in recent years. These trends point to a dynamic and evolving housing landscape in Conyngham, with potential for continued growth and market strength in the coming years.
