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Zip Code 16346: Rising Home Values and Shifting Ownership Patterns in Seneca, Pennsylvania
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 16346, located in Seneca, Pennsylvania, presents an intriguing case study of housing market dynamics in a small community. Over the past decade, this area has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 16346 has shown a gradual decline over the years, dropping from 80% in 2015 to 69% in 2022. This shift coincides with a steady increase in average home prices, which rose from $100,602 in 2010 to $155,294 in 2022, representing a 54.4% increase over 12 years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 16346. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the relatively high homeownership rates observed during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we see a corresponding decline in homeownership percentages, dropping from 76% in 2017 to 69% in 2022.
The rental market in zip code 16346 has shown interesting trends as well. The percentage of renters increased from 20% in 2015 to 31% in 2022, mirroring the decline in homeownership. Average rent prices, however, have fluctuated over the years. In 2013, the average rent was $672, rising to $742 in 2018, but then decreasing to $725 in 2022. These variations in rent prices may be influenced by factors such as local economic conditions, housing supply, and population changes, which saw an increase from 2,261 residents in 2010 to 2,419 in 2022.
Looking at more recent data, the average home price in zip code 16346 continued to rise, reaching $156,561 in 2023 and $159,549 in 2024. This represents a modest but steady increase of 1.9% from 2022 to 2023, and a further 1.9% from 2023 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 16346 will continue to rise, potentially reaching around $175,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $800 per month by 2029, assuming current economic conditions and population growth patterns persist.
In summary, zip code 16346 has experienced a notable shift in its housing market dynamics over the past decade. The area has seen a gradual decrease in homeownership rates, coinciding with rising average home prices and fluctuating rent prices. The recent sharp increase in federal interest rates may further impact homeownership trends in the coming years. As the community continues to evolve, these housing market trends will likely play a crucial role in shaping the area's demographic and economic landscape.
