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Rising Home Values and Ownership Trends in Zip Code 17724: Canton's Dynamic Real Estate 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 17724, located in Canton, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area, characterized by its rural setting and small-town charm, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends and local dynamics.
The homeownership rate in zip code 17724 has remained relatively stable, with a slight upward trend over the years. In 2013, the homeownership rate was 67%, and by 2022, it had increased to 70%. This 3% increase suggests a growing preference for homeownership in the area. Concurrently, average home prices have shown significant growth. In 2013, the average home price was $122,537, and by 2022, it had risen to $147,748, representing a 20.6% increase over this period. This upward trend in both homeownership rates and home prices indicates a strong housing market in the area, with increasing demand for owned properties.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 17724. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained steady at around 67-68%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 69%, possibly due to anticipation of future rate hikes encouraging buyers to enter the market. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a further increase in homeownership to 70%, likely driven by more affordable financing options.
Renter percentages in zip code 17724 have shown a slight downward trend, complementing the increase in homeownership. In 2013, the renter-occupied percentage was 33%, which decreased to 30% by 2022. Despite this decrease, average rent prices have consistently increased. In 2013, the average rent was $620, rising to $750 in 2022, a 21% increase. This upward trend in rent prices, despite a decreasing renter population, suggests a tightening rental market, possibly due to limited rental inventory or increasing property values.
In 2023, the average home price in zip code 17724 reached $153,190, a 3.7% increase from 2022. This growth continued into 2024, with average home prices rising to $159,824, marking a 4.3% increase from 2023. These increases occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong demand and resilience in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $185,000 by 2029. Rent prices are expected to follow a similar trajectory, with annual increases of 2-3%, potentially reaching an average of $850-$900 per month by 2029.
In summary, zip code 17724 has demonstrated a robust and growing housing market. The area has seen a steady increase in homeownership rates, rising home values, and increasing rent prices. Despite fluctuations in interest rates, the demand for owned properties has remained strong, suggesting a positive outlook for the local real estate market in the coming years. The consistent growth in both home prices and rent prices, even in the face of economic challenges, underscores the attractiveness and stability of this Pennsylvania community.
