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Rising Home Values and Stable Ownership: The Evolving Real Estate Landscape of Zip Code 17340 in Littlestown, 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 17340, located in Littlestown, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend towards increased homeownership and rising average home prices, with some fluctuations in average rent prices. The homeownership rate in zip code 17340 has shown a steady increase from 78% in 2013 to 80% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $189,856, which has grown substantially to $291,803 by 2022, representing a 53.7% increase over nine years. This correlation suggests that despite rising home prices, more residents in the area have been able to transition into homeownership.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponds with the increase in homeownership rates from 78% to 82%. The accessibility of affordable financing options during this time likely contributed to the growing number of homeowners in the area.
Conversely, the percentage of renters in zip code 17340 has decreased from 22% in 2013 to 20% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,002, which peaked at $1,149 in 2014 before declining to $967 in 2019. By 2022, the average rent had risen again to $1,113. Despite these fluctuations, the overall trend shows a modest increase in average rent prices of about 11% from 2013 to 2022. The decreasing renter population, coupled with the area's growing population (from 11,110 in 2013 to 11,654 in 2022), suggests that many former renters may have transitioned to homeownership.
Looking at the most recent data, average home prices in zip code 17340 continued to rise, reaching $302,504 in 2023 and $313,666 in 2024. This represents a further 7.5% increase from 2022 to 2024. Simultaneously, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17340 will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $1,250 by 2029.
In summary, zip code 17340 has demonstrated a clear trend towards increased homeownership and rising property values. The area has seen a significant 53.7% increase in average home prices from 2013 to 2022, accompanied by a 2 percentage point increase in homeownership rates. Despite recent increases in interest rates, the strong local housing market and historical trends suggest continued growth in both homeownership and property values in the coming years.
