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Zip Code 17003: Rising Home Values and Shifting Ownership Trends in Fort Indiantown Gap
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
Fort Indiantown Gap, located in zip code 17003 in Pennsylvania, is a community with a distinctive military history that has experienced notable changes in homeownership rates and housing prices over the past decade. The overall trend shows a slight decrease in homeownership, while average home prices have steadily increased, and average rent prices have shown some volatility.
From 2013 to 2022, the homeownership rate in zip code 17003 decreased from 78% to 73%. During this same period, average home prices increased significantly, rising from $197,678 in 2013 to $305,015 in 2022, representing a 54% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
The federal interest rates have played a role in shaping homeownership trends in the area. In 2013, when interest rates were at a low 0.11%, the homeownership rate was at its peak of 78%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate declined to 73%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The percentage of renters in zip code 17003 increased from 21% in 2013 to 27% in 2022. Average rent prices fluctuated during this period. In 2013, the average rent was $1,067, which decreased to $886 in 2017 before rising again to $1,024 in 2022. This represents a slight overall decrease of 4% in average rent prices from 2013 to 2022. The increase in the renter population, despite the relatively stable rent prices, may be attributed to the rising home prices making homeownership less attainable for some residents.
In 2023 and 2024, average home prices in zip code 17003 continued to rise, reaching $323,755 in 2023 and $332,744 in 2024. This represents a 9% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, based on the observed trends, average home prices in zip code 17003 will likely continue to rise over the next five years, potentially reaching around $380,000 by 2029. Average rent prices may also see a moderate increase, possibly reaching $1,200 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 17003 has experienced a gradual shift towards renting, with homeownership rates declining as average home prices have risen substantially. The interplay between federal interest rates, housing affordability, and demographic changes has shaped these trends. As the community continues to evolve, it will be important to monitor these housing market dynamics and their impact on residents of Fort Indiantown Gap.
