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Zip Code 16901: Rising Home Values and Stable Ownership in Rural 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
The zip code 16901, which includes Wellsboro in Pennsylvania, is known for its historic gas-lit streets and small-town charm. This area has experienced changes in homeownership rates and property values over the past decade, reflecting broader economic trends and local market dynamics.
Homeownership in zip code 16901 has remained relatively stable with a slight upward trend from 2013 to 2022. The homeownership rate was 74% in 2013, increased to 79% by 2020, and settled at 76% in 2022. This stability in homeownership coincided with a steady increase in average home prices. From 2013 to 2022, average home prices rose from $162,581 to $219,128, representing a significant 34.8% increase over the period.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. The period of historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with a slight increase in homeownership from 74% to 76%. However, even as interest rates began to rise more sharply from 2017 onwards, homeownership rates in the area remained relatively stable, suggesting that local factors may have played a more significant role in housing decisions.
Renter percentages in zip code 16901 have shown a slight downward trend, moving from 26% in 2013 to 24% in 2022. Average rent prices have fluctuated over this period, peaking at $831 in 2016 before declining to $756 in 2022, a 9% decrease. This trend might be attributed to the area's population dynamics, which saw modest growth from 9,960 in 2013 to 10,123 in 2022, potentially affecting rental demand.
Looking at the most recent data, average home prices in zip code 16901 continued to rise, reaching $228,211 in 2023 and $234,190 in 2024. This represents a 4.1% and 2.6% year-over-year increase respectively. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 16901 will continue to appreciate, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $270,000 to $280,000, assuming current economic conditions and local market factors persist. For rent prices, the forecast suggests a potential stabilization or slight increase, with average rents possibly reaching $800 to $850 by 2029.
In summary, zip code 16901 has demonstrated resilience in its housing market, with steady homeownership rates and increasing property values over the past decade. The area has weathered fluctuations in the rental market and shown consistent population growth. Moving forward, the interplay between rising home prices and higher interest rates will likely shape the local real estate landscape, potentially influencing both homeownership rates and rental demand in this picturesque Pennsylvania borough.
