Loading Content...
Zip Code 16845: Pine Glen's Stable Homeownership Amid Fluctuating Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pine Glen, located in zip code 16845 in Pennsylvania, is a small community with a population of 1,254 as of 2022. This area has consistently maintained a high rate of homeownership, with over 90% of residents owning their homes throughout the past decade. The average home prices and average rent prices in Pine Glen have shown interesting fluctuations over the years, reflecting broader economic trends and local market conditions.
The homeownership rate in Pine Glen has remained remarkably stable, ranging from 90% to 92% between 2013 and 2022. This high rate of ownership has persisted despite significant changes in average home prices. In 2013, the average home price was $71,376, which increased steadily to reach $120,312 by 2022, representing a substantial 68.6% increase over nine years. Interestingly, the peak in homeownership at 92% in 2020 coincided with an average home price of $104,032, suggesting that local economic conditions may have favored home buying during this period.
Federal interest rates have played a role in shaping homeownership trends in Pine Glen. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the sustained high levels of homeownership. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate remained stable, indicating the resilience of the local housing market.
The renter population in Pine Glen has consistently been small, ranging from 8% to 10% of the total population. Average rent prices have shown some volatility, with notable fluctuations over the years. In 2013, the average rent was $723, which decreased to $601 by 2017, representing a 16.9% drop. However, rent prices began to recover, reaching $737 in 2022, a 22.6% increase from the 2017 low. These fluctuations in rent prices did not significantly impact the overall low percentage of renters in the area, suggesting other factors such as local employment opportunities or housing availability may play a more significant role in rental trends.
Looking at the most recent data, the average home price in Pine Glen for 2023 was $120,748, showing a slight increase from 2022. However, in 2024, there has been a decrease to $114,365. This recent decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Pine Glen may experience moderate growth, potentially reaching around $130,000 by 2029. This projection takes into account the recent price adjustments and the current high-interest rate environment. For average rent prices, we expect a gradual increase, potentially reaching approximately $800 by 2029, assuming continued stability in the local economy and housing market.
In summary, Pine Glen has maintained a remarkably high and stable homeownership rate despite significant fluctuations in average home prices and federal interest rates. The small renter population has seen variable rent prices, but this has not substantially altered the overall housing landscape. Recent data shows a slight cooling in the housing market, likely influenced by rising interest rates. Looking forward, moderate growth in both home prices and rent is anticipated, reflecting the area's resilient housing market and consistent community demographics.
