Loading Content...
Zip Code 16066: Seven Fields' Shifting Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Seven Fields, located in zip code 16066 in Pennsylvania, has experienced significant changes in its housing market over the past decade. This suburban community has seen a gradual shift in homeownership rates and fluctuations in average home and rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Seven Fields has shown a gradual decline from 2013 to 2022. In 2013, 85% of residents were homeowners, but by 2022, this figure had decreased to 77%. This trend coincides with a steady increase in average home prices. In 2013, the average home price was $242,175, which rose consistently to reach $381,265 by 2022, representing a substantial 57.4% increase over nine years.
The relationship between federal interest rates and homeownership rates in Seven Fields follows a generally expected pattern. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained stable at 84-85%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates started to decline, dropping to 80% by 2018. This trend continued into 2022, with homeownership at 77% as interest rates climbed to 1.68%.
The renter population in Seven Fields has grown correspondingly with the decline in homeownership. In 2013, only 15% of residents were renters, but this increased to 23% by 2022. Average rent prices have also seen an upward trend, albeit with some fluctuations. In 2013, the average rent was $1,208, which increased to $1,338 by 2022, a 10.8% rise. Notably, there was a significant jump in average rent to $1,413 in 2017, followed by a decrease in subsequent years before stabilizing.
Looking at the most recent data, the average home price in Seven Fields continued its upward trajectory, reaching $401,211 in 2023 and further increasing to $418,919 in 2024. This represents a 5.2% and 4.4% year-over-year increase in 2023 and 2024, respectively. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Seven Fields will continue to rise, potentially reaching around $500,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,500-$1,600 per month by 2029, assuming the current growth rate and market conditions persist.
In summary, Seven Fields has experienced a gradual shift from homeownership to renting, with a significant increase in average home prices and a moderate rise in rent prices. The inverse relationship between rising interest rates and declining homeownership rates is evident. As the community continues to grow and evolve, these housing market trends are likely to play a crucial role in shaping the future demographics and economic landscape of zip code 16066.
