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Rising Home Values in Zip Code 17582: Washington Boro'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
Washington Boro, located in zip code 17582 in Pennsylvania, is a small community with a population of 1,830 as of 2022. This area has experienced interesting fluctuations in homeownership rates and housing prices over the past decade. The overall trend shows a slight increase in homeownership, with average home prices steadily rising and average rent prices showing more variability.
The homeownership rate in Washington Boro has shown a general upward trend, albeit with some fluctuations. In 2013, the homeownership rate was 82%, which increased to 91% by 2021. However, there was a slight decrease to 87% in 2022. This overall increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $191,510, which has steadily increased to $321,023 by 2022, representing a substantial 67.6% increase over this period.
Federal interest rates have played a role in homeownership trends in Washington Boro. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the general increase in homeownership rates, as lower rates typically make mortgages more affordable. The homeownership rate peaked at 91% in 2015, 2017, and 2021, during years when interest rates were particularly low.
Renter percentages in Washington Boro have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter percentage dropped from 18% in 2013 to a low of 9% in 2015, 2017, and 2021. Average rent prices have been volatile during this period. In 2013, the average rent was $892, which increased to a peak of $1,042 in 2015. However, it then decreased significantly to $739 in 2016, before rising again to $851 in 2022. This volatility in rent prices doesn't show a clear correlation with the renter percentage, suggesting other factors may be influencing rental rates in the area.
In 2023, the average home price in Washington Boro reached $338,757, continuing the upward trend seen in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $356,117, with interest rates climbing slightly to 5.33%. This suggests that despite higher borrowing costs, demand for homes in the area remains strong.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Washington Boro will likely continue to rise over the next five years, albeit possibly at a slower rate due to higher interest rates. If the current annual growth rate of approximately 5-6% continues, we could see average home prices reaching around $450,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict. However, if they follow the general upward trend of home prices, we might expect average rents to increase to around $1,000-$1,100 per month in the next five years.
In summary, Washington Boro has shown a trend towards increased homeownership over the past decade, accompanied by significant growth in average home prices. Despite recent increases in interest rates, home prices continue to rise, indicating strong demand in the area. The rental market has been more volatile, with fluctuating prices and a decreasing proportion of renters. These trends suggest a growing preference for homeownership in this community, with the housing market showing resilience even in the face of changing economic conditions.
