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Rising Home Values and Ownership Rates in Zip Code 17569: Reinholds'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
The zip code 17569, located in Reinholds, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a strong preference for homeownership, with rates consistently above 80% throughout the analyzed period.
From 2013 to 2022, the percentage of owner-occupied homes in zip code 17569 increased from 87% to 91%, indicating a growing trend towards homeownership. During this same period, average home prices rose steadily, from $190,527 in 2013 to $312,010 in 2022, representing a substantial 63.8% increase. This positive correlation suggests that rising property values have not deterred residents from purchasing homes in the area.
The relationship between federal interest rates and homeownership rates in zip code 17569 appears to follow the expected trend. As interest rates remained low between 2013 and 2020, ranging from 0.09% to 0.38%, homeownership rates generally increased. For instance, when the federal interest rate was 0.08% in 2021, the homeownership rate reached 89%. This aligns with the principle that lower interest rates make mortgages more affordable, encouraging home buying.
Renter percentages in zip code 17569 have fluctuated over the years, with a general downward trend from 13% in 2013 to 9% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,013 in 2013 to $1,015 in 2022, with some fluctuations in between. Notably, the highest average rent of $1,069 was recorded in 2021 when the renter percentage was at 11%. These trends suggest that even with a decreasing renter population, demand for rental properties remains strong enough to maintain and even increase rent prices.
In 2023 and 2024, the housing market in zip code 17569 continued to show growth. The average home price reached $334,361 in 2023 and further increased to $346,093 in 2024, representing a 10.9% rise over two years. This growth occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in previous years.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices for zip code 17569 over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,200 per month within the same timeframe. However, the rate of increase may be moderated by the higher interest rates, which could slightly dampen demand.
In summary, zip code 17569 has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The area has shown resilience in the face of changing economic conditions, with both the ownership and rental markets maintaining strength. The continued upward trend in home prices, even amidst rising interest rates, suggests a sustained demand for housing in this Pennsylvania community.
