Loading Content...
Zip Code 16238: Rising Home Values and Ownership Rates in Manorville, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 16238, located in Manorville, Pennsylvania, is a small community with a population of 33 residents as of 2022. This area has experienced notable changes in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The ownership percentage in this zip code has shown a general upward trend, increasing from 69% in 2013 to 80% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2015, the average home price in the area was $62,504, which steadily climbed to $98,141 by 2022, representing a 57% increase over seven years. This parallel growth suggests a strong correlation between rising property values and increased homeownership rates. 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 likely contributed to the increase in homeownership, as it made mortgages more affordable for potential buyers. The homeownership rate peaked at 81% in 2020 when interest rates dropped to 0.38%, further supporting this relationship.
Conversely, the renter percentage in zip code 16238 has generally decreased, from 25% in 2013 to 20% in 2022. Average rent prices have shown some fluctuation but overall increased from $547 in 2013 to $592 in 2022, a 8.2% rise. The population decline from 38 in 2013 to 33 in 2022 may have contributed to the slight decrease in rental demand, potentially explaining the modest growth in rent prices compared to the more substantial increase in home values.
In 2023, the average home price in zip code 16238 reached $99,136, with interest rates rising sharply to 5.02%. As of 2024, the average home price has further increased to $104,478, while interest rates have climbed to 5.33%. These recent developments indicate a continuing trend of rising property values despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 16238 are likely to continue their upward trajectory over the next five years, potentially reaching around $120,000 by 2029. Rent prices are expected to follow a similar trend, albeit at a slower pace, potentially increasing to approximately $650 per month in the same timeframe.
In summary, zip code 16238 has experienced a notable increase in homeownership rates and average home prices over the past decade. The interplay between low interest rates and rising property values has likely contributed to this trend. While the rental market has seen more modest growth, both home prices and rent are projected to continue rising in the coming years, reflecting the area's evolving real estate landscape.
