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Zip Code 16882: Rising Home Values and High Ownership in Woodward
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
Woodward, situated in zip code 16882 in Pennsylvania, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Woodward has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 86%, which rose to 90% by 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $178,358, which grew steadily to reach $278,297 by 2022, representing a 56% increase over this period. The rising homeownership rate despite increasing home prices suggests a strong local housing market and potentially improving economic conditions for residents.
Federal interest rates have played a role in shaping homeownership trends in Woodward. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 84-86%. As interest rates began to rise from 2017 onwards, surprisingly, the homeownership rate in Woodward continued to increase, reaching 90% by 2022 when the federal interest rate was 1.68%. This trend suggests that local factors may have had a stronger influence on homeownership than national interest rates in this particular area.
The renter population in Woodward has experienced a decline corresponding to the rise in homeownership. In 2013, 14% of the population were renters, which decreased to 10% by 2022. Despite this decline in the renter population, average rent prices have shown some fluctuation. The average rent peaked at $882 in 2014 and then declined to $786 in 2022. This downward trend in rent prices, coupled with the decreasing renter population, might indicate a shift towards homeownership in the area, possibly due to favorable local economic conditions or housing policies.
Looking at the most recent data, the average home price in Woodward continued to rise, reaching $287,275 in 2023 and $290,215 in 2024. This represents a 4.3% increase from 2022 to 2024. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests that the local housing market in Woodward has remained resilient in the face of rising interest rates.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Woodward to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $325,000 to $350,000, assuming a moderate annual growth rate of 2-4%. Average rent prices, which have shown more volatility, may stabilize or increase slightly, potentially reaching $850 to $900 by 2029.
In summary, Woodward has experienced a significant increase in homeownership rates and average home prices from 2013 to 2024. The community has shown resilience to rising interest rates, maintaining strong homeownership growth. The renter population has decreased, with average rent prices showing some fluctuation. These trends suggest a robust local housing market with a strong preference for homeownership among residents. The continued growth in home prices, even in the face of higher interest rates, indicates sustained demand for housing in this area.
