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Zip Code 16929: Rising Home Values and Stable Ownership in Lawrenceville, PA
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
Lawrenceville, located in zip code 16929 in Pennsylvania, is a small community with a population that has fluctuated around 2,400 residents over the past decade. This area has seen interesting shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Lawrenceville has remained relatively stable, hovering between 74% and 78% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $148,576, which steadily increased to $209,301 by 2022, representing a significant 40.9% increase over nine years. This rise in home values did not significantly impact homeownership rates, suggesting a resilient local housing market where residents maintained their ability to own homes despite rising prices.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates remained stable at around 75-77%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 77% in 2019, possibly due to residents securing mortgages before further rate increases. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight dip in homeownership to 74-75%, which could be attributed to other economic factors related to the global pandemic.
Renter percentages in Lawrenceville have inversely mirrored homeownership rates, ranging from 22% to 26% between 2013 and 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $715, which increased to $814 by 2021, representing a 13.8% increase. However, there was a slight decrease to $753 in 2022. These rent price changes don't show a strong correlation with renter percentages, suggesting that other factors, such as local employment opportunities or housing availability, may have more influence on the rental market in this area.
Looking at the most recent data, the average home price in Lawrenceville for 2023 was $208,886, showing a slight decrease from 2022. However, the 2024 average home price has rebounded to $216,335, indicating continued growth in the housing market. Notably, interest rates have significantly increased to 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lawrenceville will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For rent prices, we expect a more moderate increase, potentially reaching an average of $900 per month by 2029, considering the historical fluctuations and overall upward trend.
In summary, Lawrenceville has maintained a strong homeownership base despite rising home prices over the past decade. The relationship between interest rates and homeownership has been complex, with local factors potentially offsetting national trends. The rental market has seen moderate growth in prices, with renter percentages remaining relatively stable. Looking forward, the area is likely to see continued growth in both home values and rent prices, though the pace may be influenced by broader economic factors and local market conditions.
