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Zip Code 16865: Rising Home Values and High Ownership in Ramblewood, 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
Ramblewood, situated in zip code 16865 in Pennsylvania, is a small community that has witnessed significant changes in homeownership rates and housing prices over the last decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in the area. Homeownership rates in Ramblewood have shown a general upward trend from 2013 to 2022. The percentage of owner-occupied homes increased from 83% in 2013 to 91% in 2019, before settling at 86% in 2022. This trend coincides with a steady increase in average home prices. The average home price rose from $198,406 in 2013 to $311,188 in 2022, representing a substantial 56.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Ramblewood reveals interesting patterns. From 2013 to 2016, as interest rates remained low (between 0.09% and 0.4%), homeownership rates increased from 83% to 90%. However, even as interest rates began to rise more sharply from 2017 onwards, homeownership rates remained relatively stable, only dipping slightly to 86% by 2022. This suggests that other local factors may have played a role in maintaining high homeownership rates despite rising interest rates.
Renter percentages in Ramblewood have fluctuated inversely to homeownership rates, as expected. The percentage of renter-occupied homes decreased from 14% in 2013 to a low of 9% in 2016 and 2017, before returning to 14% in 2022. Interestingly, average rent prices did not follow a consistent trend with renter percentages. Average rent prices increased from $1,388 in 2013 to a peak of $1,520 in 2016, coinciding with the lowest renter percentage. However, after 2016, average rent prices began to decline, reaching $1,218 in 2022, despite the renter percentage increasing back to 14%. This could indicate a complex interplay between supply and demand factors in the local rental market.
The most recent data shows that the average home price in Ramblewood continued its upward trajectory, reaching $322,771 in 2023 and $329,042 in 2024. This represents a 3.7% increase from 2022 to 2023 and a further 1.9% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels since 2007. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in the local housing market.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Ramblewood to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach approximately $360,000 to $380,000 by 2029. For average rent prices, the recent downward trend may stabilize or reverse slightly, potentially reaching around $1,300 to $1,350 per month by 2029, assuming local economic conditions remain stable.
In summary, Ramblewood has maintained a high homeownership rate despite fluctuations in the housing market and interest rates. The community has seen significant appreciation in home values over the past decade, with this trend likely to continue, albeit potentially at a more moderate pace. The rental market has shown more variability, with recent trends suggesting a potential stabilization or modest increase in average rents in the coming years.
