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Zip Code 16826: Rising Home Values and High Ownership Rates in Eagleville, 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 16826, located in Eagleville, Pennsylvania, is a small rural community that has experienced fluctuations in population and housing trends over the past decade. This area has maintained a consistently high rate of homeownership, with average home prices showing a steady increase and average rent prices demonstrating moderate growth. The homeownership rate in zip code 16826 has remained remarkably stable, hovering around 90% from 2013 to 2022. In 2013, the homeownership rate was 89%, and by 2022, it stood at 89% as well. During this period, average home prices in the area saw a significant increase. In 2013, the average home price was $123,441, and by 2022, it had risen to $177,196, representing a 43.5% increase over nine years. This upward trend in home prices did not seem to negatively impact the high homeownership rate, suggesting a strong preference for owning homes in this community despite rising costs.
The relationship between federal interest rates and homeownership rates in this zip code appears to be somewhat unconventional. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or community preferences, may have a more significant influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 16826 have remained low, complementing the high homeownership rates. In 2013, the renter-occupied rate was 9%, and it fluctuated slightly over the years, reaching 11% in 2022. Average rent prices showed a moderate increase during this period. In 2013, the average rent was $590, and by 2022, it had risen to $636, an increase of 7.8% over nine years. The relatively stable renter percentage, despite the modest increase in rent prices, suggests a limited rental market in this area.
Looking at the most recent data, the average home price in zip code 16826 continued to rise, reaching $191,611 in 2023 and $194,456 in 2024. This represents a further 9.7% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 16826 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $220,000 to $230,000. Average rent prices are expected to follow a similar upward trajectory, potentially reaching around $700 to $725 by 2029.
In summary, zip code 16826 has maintained a remarkably high and stable homeownership rate despite significant increases in average home prices. The rental market remains small but has seen moderate growth in average rent prices. The area has shown resilience to national interest rate fluctuations, suggesting strong local factors influencing housing trends. As we move forward, the community is likely to continue seeing growth in both home values and rent prices, though the pace may be moderated by higher interest rates.
