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Zip Code 16830: Average Home Values and Ownership Trends in Clearfield, 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 16830, located in Clearfield, Pennsylvania, has experienced notable shifts in homeownership and housing prices over the past decade. This area, characterized by its small-town charm and rich history, has seen fluctuations in both ownership percentages and average home prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 16830 has shown some variability over the years, with a general trend towards stability. In 2013, the homeownership rate stood at 67%, and by 2022, it had decreased slightly to 64%. During this period, average home prices in the area saw a significant increase. In 2013, the average home price was $75,918, which rose steadily to reach $122,542 by 2022, representing a substantial 61.4% increase over nine years. This upward trend in home prices, despite a slight decrease in homeownership, suggests a strengthening real estate market in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 16830. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging between 66% and 67%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, there was a slight decline in homeownership to 64%. This pattern aligns with the general trend where lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 16830 have shown a corresponding inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 33%, which increased to 36% by 2022. Interestingly, average rent prices have also seen an upward trend during this period. The average rent price in 2013 was $575, which increased to $693 by 2022, representing a 20.5% rise. This increase in both renter percentages and rent prices, coupled with a declining population from 14,509 in 2013 to 14,074 in 2022, suggests a tightening rental market in the area.
Moving into more recent data, the average home price in zip code 16830 for 2023 was $120,235, showing a slight decrease from the 2022 figure. The 2024 data indicates a further minor decline to $119,811. This recent trend suggests a potential cooling in the local housing market. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could be contributing to the stabilization of home prices.
Looking ahead, based on the observed trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 16830 may continue to stabilize or experience modest growth, potentially reaching around $125,000 to $130,000 by 2029. Rent prices, following their historical trend, could see continued increases, potentially reaching an average of $750 to $800 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 16830 has demonstrated resilience in its housing market over the past decade. Despite a slight decrease in homeownership rates, average home prices have shown substantial growth. The rental market has also strengthened, with increasing renter percentages and rising rent prices. Recent data indicates a potential stabilization in the housing market, likely influenced by rising interest rates. As the area moves forward, it will be crucial to monitor these trends and their impact on the local real estate landscape.
