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Zip Code 16679: Rising Home Values and Ownership in Coaldale, 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 16679, located in Coaldale, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This small community, with a population of 882 in 2022, has seen a significant increase in homeownership alongside fluctuating average home and rent prices.
The trend in homeownership in zip code 16679 has been steadily increasing since 2013. In 2013, the homeownership rate was 78%, and by 2022, it had risen to 86%. This 8 percentage point increase indicates a strong preference for homeownership in the area. Interestingly, this upward trend in homeownership coincided with a period of relatively low federal interest rates, which ranged from 0.11% in 2013 to 1.68% in 2022. The low interest rate environment likely made mortgage financing more accessible and attractive to potential homebuyers, contributing to the rise in homeownership.
As homeownership increased, the percentage of renters in the area decreased correspondingly. In 2013, 22% of residents were renters, but by 2022, this figure had dropped to 14%. Despite the declining renter population, average rent prices in the area showed a general upward trend. The average rent increased from $571 in 2013 to $968 in 2022, representing a substantial 69% increase over this period. This rise in rent prices occurred even as the overall population remained relatively stable, fluctuating between 846 and 977 residents during this time frame.
Looking at more recent data, in 2023, the average home price in zip code 16679 was $97,993, and in 2024, it increased to $100,692. This represents a 2.75% increase in just one year. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, continuing the upward trend that began in 2022.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in zip code 16679. Based on the recent price increases and the current economic conditions, average home prices could potentially reach around $115,000 to $120,000 by 2029. For rent prices, the strong upward trend observed from 2013 to 2022 suggests that average rents could potentially exceed $1,200 per month within the next five years, assuming similar economic conditions persist.
In summary, zip code 16679 has demonstrated a clear trend towards increased homeownership, with rates rising from 78% to 86% between 2013 and 2022. This shift occurred alongside a significant increase in average rent prices, which rose by 69% during the same period. The area has also seen recent growth in average home prices, with values increasing from $97,993 in 2023 to $100,692 in 2024. These trends, combined with the fluctuations in federal interest rates, paint a picture of a dynamic housing market in this Pennsylvania borough.
