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Zip Code 16131: Hartstown's Rural Housing Market and Stable Homeownership
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 16131, located in Hartstown, Pennsylvania, is a rural area spanning 20.41 square miles. This region has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership in recent years. The homeownership rate in zip code 16131 has shown a slight upward trend from 2013 to 2022. In 2013, the homeownership rate was 85%, and by 2022, it had increased to 87%. During this period, the average home prices for the area were not consistently available until 2023. However, the trend in homeownership rates suggests a stable and gradually increasing preference for owning homes in this area.
Federal interest rates have played a significant 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 coincided with the generally high homeownership rates in the area, supporting the notion that lower interest rates encourage homeownership due to more affordable financing options. The slight increase in homeownership from 85% in 2020 to 87% in 2022 occurred despite a rise in interest rates from 0.38% to 1.68%, indicating other factors may have influenced this trend.
Renter percentages in zip code 16131 have fluctuated between 13% and 19% from 2013 to 2022. The average rent prices have shown some variability during this period. In 2013, the average rent was $684, rising to $729 in 2022, representing a 6.6% increase over nine years. The population of the area grew from 797 in 2013 to 877 in 2022, which may have contributed to the slight increase in rental demand and prices.
In 2023, the average home price in zip code 16131 was $164,004, with the federal interest rate at 5.02%. Moving into 2024, the average home price has decreased to $156,965, while the federal interest rate has slightly increased to 5.33%. This recent decline in home prices, despite rising interest rates, suggests a potential shift in the local housing market dynamics.
Looking ahead, based on the recent trends and current economic conditions, we can expect the average home prices in zip code 16131 to stabilize or potentially decrease slightly over the next five years. The high interest rates may continue to put downward pressure on home prices. As for rent prices, they may continue to see modest increases, potentially reaching around $780-$800 per month by 2029, assuming the current trends persist.
In summary, zip code 16131 has maintained a high rate of homeownership, with a slight upward trend in recent years. The area has experienced moderate fluctuations in rent prices and has recently seen a decrease in average home prices. The interplay between interest rates, housing prices, and ownership rates will likely continue to shape the local real estate market in the coming years.
