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Rising Home Values and Shifting Ownership in Zip Code 17519: A Decade of Change in Goodville, Pennsylvania
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 17519, representing Goodville in Pennsylvania, showcases an intriguing interplay between homeownership rates, average home prices, and rental market dynamics over the past decade. This area has experienced notable fluctuations in its housing market, reflecting broader economic trends and local demographic shifts.
The homeownership rate in zip code 17519 has shown a slight overall decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 76%, gradually decreasing to 71% by 2022. This trend coincides with a significant increase in average home prices, rising from $213,084 in 2013 to $349,650 in 2022, representing a 64% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 71% to 76%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight dip in homeownership rates to 69% in 2017. Interestingly, despite a sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rates rebounded to 77% in 2020 before settling at 71% in 2022.
The rental market in zip code 17519 has shown corresponding changes to homeownership trends. The percentage of renters increased from 24% in 2013 to 29% in 2022, with a peak of 31% in 2017. Average rent prices have generally increased over this period, rising from $915 in 2013 to $933 in 2022, with some fluctuations. Notably, there was a significant spike in average rent to $1,107 in 2021, possibly reflecting short-term market pressures or changes in available rental stock. The population of the area has remained relatively stable, with 5,109 residents in 2013 and 4,742 in 2022, suggesting that changes in rental demand are more likely driven by economic factors than significant population shifts.
In 2023 and 2024, the housing market in zip code 17519 continued to evolve. Average home prices reached $369,251 in 2023 and further increased to $382,758 in 2024, representing a 9.4% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, potentially affecting affordability and homeownership rates.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $450,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $1,100-$1,200 per month by 2029. These projections assume relatively stable economic conditions and continued demand in the area.
In summary, zip code 17519 has experienced a gradual shift towards a slightly higher proportion of renters, coupled with significant increases in average home prices. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the area continues to evolve, balancing affordability with property value appreciation will likely remain a key challenge for both current and prospective residents.
