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Rising Home Values and Ownership Trends in Zip Code 17111: Lawnton'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
Lawnton, located in zip code 17111 in Pennsylvania, has experienced notable shifts in its real estate landscape 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 Lawnton has shown resilience, with some fluctuations over the years. In 2013, the homeownership rate stood at 70%. It dipped to its lowest point of 66% in 2018 before rebounding to 72% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. The average home price in the area rose from $164,606 in 2013 to $246,833 in 2022, representing a substantial 50% increase over this period.
The relationship between federal interest rates and homeownership rates in Lawnton aligns with well-established trends. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.40%), which corresponded with homeownership rates remaining steady around 70%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership rates to 67% by 2019. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) likely contributed to the subsequent increase in homeownership rates to 72% by 2022.
Renter percentages in Lawnton have generally mirrored the inverse of homeownership trends. The renter-occupied percentage increased from 30% in 2013 to a peak of 34% in 2018, before declining to 28% in 2022. Average rent prices have shown an overall upward trend, rising from $1,023 in 2013 to $1,095 in 2022, an increase of about 7%. It's worth noting that despite the population growth from 29,291 in 2013 to 32,781 in 2022, the renter percentage decreased, suggesting a stronger shift towards homeownership in recent years.
In 2023 and 2024, the average home prices in Lawnton continued their upward trajectory. The average home price reached $263,858 in 2023 and further increased to $271,842 in 2024. This represents a 6.9% increase from 2022 to 2023 and a 3% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for Lawnton over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could potentially reach around $300,000 by 2029. Average rent prices are also likely to continue their upward trend, possibly reaching $1,200 to $1,300 per month by 2029, assuming steady economic growth and continued demand in the area.
In summary, Lawnton has demonstrated a robust housing market with increasing homeownership rates and rising average home prices. The area has shown resilience in the face of changing economic conditions, with a recent trend favoring homeownership despite rising home prices. The interplay between interest rates, home prices, and rental markets continues to shape the real estate landscape in this Pennsylvania community.
