Renter percentages in zip code 16329 have shown a slight increase from 2013 to 2022, rising from 21% to 22%. This modest growth in the renter population coincides with an overall increase in average rent prices. In 2013, the average rent was $568, which rose to $621 by 2022, representing a 9.3% increase over nine years. It's worth noting that the population in this zip code has remained relatively stable during this period, fluctuating between 360 and 408 residents, which may have contributed to the moderate changes in rental market dynamics.

Looking at more recent data, the average home price in zip code 16329 for 2023 was $96,529, showing a continued upward trend from previous years. In 2024, the average home price further increased to $107,660, representing an 11.5% year-over-year growth. This significant rise in home prices occurred despite the federal interest rate increasing to 5.33% in 2024, suggesting strong demand in the local housing market.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 16329 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current market conditions, we project that average home prices could reach approximately $130,000 to $140,000 by 2029. For rent prices, the forecast suggests a continued moderate increase, potentially reaching an average of $700 to $750 per month by 2029.

In summary, zip code 16329 has demonstrated resilience in its housing market, with stable homeownership rates and significant growth in average home prices. The rental market has seen moderate growth in both renter percentages and average rent prices. The recent acceleration in home price appreciation, even in the face of rising interest rates, indicates strong underlying demand in this Pennsylvania community. As we look to the future, both the homeownership and rental markets in this zip code are poised for continued growth, reflecting the area's appeal and economic stability.