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Yukon, Pennsylvania: Zip Code 15698's Fluctuating Home Values and Ownership Trends
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
Yukon, Pennsylvania, zip code 15698, is a small community with a population that has fluctuated between 279 and 322 residents over the past decade. This area has experienced notable shifts in homeownership rates and housing costs, reflecting broader economic trends and local market dynamics.
The homeownership rate in Yukon has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 79%, which increased to a peak of 90% in 2018. However, there was a slight decline to 80% by 2022. This overall increase in homeownership occurred despite the lack of available average home price data for most of this period, suggesting other factors influencing homeownership decisions.
Federal interest rates play a significant role in homeownership trends. From 2013 to 2016, interest rates remained very low, below 0.5%, which likely contributed to the increase in homeownership from 79% to 84% during this period. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized around 80-82%, indicating a possible correlation between higher interest rates and a slight cooling in homeownership growth.
Renter percentages in Yukon have inversely mirrored the homeownership trends. The proportion of renters decreased from 21% in 2013 to a low of 10% in 2018, before increasing to 20% by 2022. Average rent prices have shown significant volatility. In 2013, the average rent was $696, which increased to $839 in 2015. However, it then dropped dramatically to $373 in 2017 before rising again to $734 in 2022. These fluctuations in rent prices don't appear to have a direct correlation with the renter percentages, suggesting other factors influencing rental demand in this small community.
In 2023 and 2024, we see the first available data on average home prices in Yukon. The average home price in 2023 was $102,604, which slightly decreased to $101,622 in 2024. This minor decline of less than 1% occurred while federal interest rates increased from 5.02% in 2023 to 5.33% in 2024, potentially indicating a slight cooling in the housing market due to higher borrowing costs.
Looking ahead, based on the limited historical data and recent trends, we can project some potential scenarios for the next five years. Average home prices may continue to experience modest fluctuations, potentially ranging between $100,000 and $105,000, assuming no major economic shocks. Rent prices, given their historical volatility, could continue to fluctuate but may stabilize in the $700-$800 range if recent trends persist. However, these projections are subject to change based on various economic factors and local market conditions.
In summary, Yukon has experienced a general trend towards increased homeownership over the past decade, with some recent stabilization. Rent prices have shown significant volatility, while homeownership rates have been more stable in recent years. The introduction of home price data in 2023 and 2024 provides a new baseline for understanding the local housing market, and future trends will likely be influenced by broader economic conditions, including interest rates and local economic factors.
