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Rising Home Values and Stable Ownership: Exploring Zip Code 17929's Resilient Housing Market in Cressona, 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 17929, located in Cressona, Pennsylvania, presents an intriguing case study of housing trends in a small, rural community. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 17929 has remained relatively stable, hovering around 70-75% between 2013 and 2022. However, there have been subtle shifts within this range. In 2013, the homeownership rate stood at 75%, gradually decreasing to 69% in 2020, before rebounding to 71% in 2022. Concurrently, average home prices in the area have shown a steady upward trend. In 2013, the average home price was $85,000, which increased to $148,068 by 2022, representing a substantial 74% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation, albeit not always direct. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively high at 71-75%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, dropping to 69-71% during this period.
Rental trends in zip code 17929 have shown interesting patterns. The percentage of renters increased from 25% in 2013 to 31% in 2020, before slightly decreasing to 29% in 2022. Average rent prices have also seen an upward trend, rising from $672 in 2013 to $872 in 2022, a 30% increase. This rise in rent prices occurred despite fluctuations in the local population, which decreased from 1,817 in 2013 to 1,304 in 2022, suggesting that other factors such as housing supply and local economic conditions may have influenced rental prices.
In 2023 and 2024, the housing market in zip code 17929 continued its upward trajectory. The average home price reached $149,983 in 2023 and further increased to $160,667 in 2024, representing a 7.1% year-over-year growth. This rise occurred against a backdrop of significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels seen since 2007.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 17929 are likely to continue their upward trend over the next five years. Home prices could potentially reach around $185,000 by 2029, assuming a continuation of the current growth rate. Average rent prices might increase to approximately $1,000 per month in the same timeframe, based on historical trends.
In summary, zip code 17929 has demonstrated resilience in its housing market, with steadily increasing home and rent prices despite population fluctuations. The area has maintained a relatively high homeownership rate, even in the face of rising interest rates. The consistent growth in housing values, coupled with the recent surge in interest rates, presents a complex picture for future homeowners and renters in this Pennsylvania borough.
