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Zip Code 16914: Stable Homeownership and Rising Home Values 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
Zip code 16914, located in Burlington, Pennsylvania, presents an interesting case study of homeownership and housing market trends. This area has experienced fluctuations in both population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising average home prices. The homeownership rate in this zip code has shown resilience, maintaining a relatively high level throughout the observed period. In 2013, 84% of housing units were owner-occupied, and this figure remained stable, with only minor fluctuations, reaching 82% in 2022. Concurrently, average home prices have seen a significant upward trajectory. In 2010, the average home price was $117,382, which steadily increased to $194,126 by 2022, representing a substantial 65.4% increase over this period.
Federal interest rates appear to have played a role in homeownership trends in zip code 16914. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained high, hovering around 80-84%. As interest rates began to rise from 2016 onwards, there was a slight dip in homeownership, reaching a low of 78% in 2018 when the federal interest rate was 1.83%. However, the community showed resilience, with ownership rates rebounding to 82% by 2022, despite rising interest rates.
Renter percentages in zip code 16914 have inversely mirrored homeownership trends, ranging from 15% to 22% of occupied housing units. Average rent prices have shown volatility, with notable increases in certain years. In 2013, the average rent was $662, which rose to $777 in 2015, an increase of 17.4%. After some fluctuations, it reached $913 in 2021, the highest recorded value, before decreasing to $684 in 2022. These rent price changes don't always correlate directly with renter percentages, suggesting other factors like local economic conditions or housing supply may influence rental markets.
In 2023, the average home price in zip code 16914 continued its upward trend, reaching $196,809. This represents a modest 1.4% increase from 2022, despite a significant jump in federal interest rates to 5.02%. Moving into 2024, the average home price has further increased to $203,586, a 3.4% rise from 2023, while federal interest rates have slightly increased to 5.33%. These figures indicate a resilient housing market in the face of higher borrowing costs.
Looking ahead, predictive models suggest a continued upward trajectory for average home prices in zip code 16914 over the next five years. Based on historical trends and current economic indicators, average home prices could potentially reach around $230,000 to $240,000 by 2029. Rent prices are expected to show more moderate growth, potentially stabilizing around $750 to $800 per month, assuming current economic conditions persist.
In summary, zip code 16914 demonstrates a strong preference for homeownership, with rates consistently above 80% despite fluctuations in interest rates and home prices. The area has seen substantial appreciation in average home values, nearly doubling from 2010 to 2024. While rent prices have shown volatility, they appear to be stabilizing. The resilience of the housing market in this zip code, even in the face of rising interest rates, suggests a robust local economy and continued demand for homeownership.
