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Rising Home Values and Ownership in Zip Code 17406: Pleasureville's Robust 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 17406, encompassing Pleasureville in Pennsylvania, has witnessed significant changes in homeownership rates and housing prices over the past decade. This area has demonstrated a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The homeownership rate in zip code 17406 has shown a notable increase from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 78%, which rose to 80% by 2022. This upward trend coincided with a substantial increase in average home prices. In 2013, the average home price was $152,077, which steadily climbed to $242,644 by 2022, representing a 59.6% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices rising from $194,519 to $242,644, a 24.7% increase in just two years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, interest rates remained very low, ranging from 0.11% to 0.40%. During this period, homeownership rates fluctuated slightly but remained relatively stable. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased from 77% to 80%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership in this zip code than interest rates alone.
The renter population in zip code 17406 has experienced some fluctuations over the years. In 2013, 22% of the population were renters, which increased slightly to 24% in 2015 before declining to 20% by 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,093, which peaked at $1,123 in 2016 before declining to $1,107 in 2022. The population growth from 23,448 in 2013 to 24,445 in 2022 may have contributed to the overall stability in rental demand despite the increasing homeownership rate.
Looking at the most recent data, the average home price in zip code 17406 reached $257,098 in 2023 and further increased to $267,550 in 2024. This represents a 10.3% 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 could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17406 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current trends, average home prices could reach approximately $300,000 to $320,000 by 2029. Average rent prices are expected to show modest increases, potentially reaching $1,200 to $1,300 per month in the same timeframe, assuming continued population growth and stable economic conditions.
In summary, zip code 17406 has demonstrated a strong trend towards increased homeownership and rising average home prices over the past decade. The area has shown resilience in maintaining high homeownership rates despite fluctuations in interest rates. The recent sharp increase in both home prices and interest rates will likely shape the housing market dynamics in the coming years, potentially affecting affordability and homeownership trends.
