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Zip Code 17028: Fort Indiantown Gap's Rising Home Values and Declining Ownership Rates
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 17028 in Pennsylvania, is a community with a military history that has experienced notable shifts in homeownership rates and property values over the past decade. The overall trend shows a gradual decrease in homeownership, coupled with significant fluctuations in average home prices and average rent prices.
The homeownership rate in zip code 17028 has declined from 91% in 2013 to 81% in 2022. During this same period, average home prices have shown a substantial increase. In 2013, the average home price was $196,267, which rose to $306,364 by 2022, representing a 56% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. In 2013, when interest rates were at a low 0.11%, homeownership was at its peak at 91%. As interest rates began to rise, reaching 1.68% in 2022, homeownership declined to 81%. This pattern aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 17028 has increased from 9% in 2013 to 19% in 2022. This rise in renters corresponds with fluctuations in average rent prices. In 2013, the average rent was $1,041, which increased to $1,391 by 2021, before dropping to $959 in 2022. The population has also grown from 3,561 in 2013 to 4,061 in 2022, which may have contributed to the increased demand for rental properties.
Looking at the most recent data, average home prices in zip code 17028 continued to rise, reaching $324,026 in 2023 and $337,403 in 2024. This represents a 10% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may impact homebuying decisions in the near future.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 17028 will continue to rise, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current economic indicators.
In summary, zip code 17028 has experienced a consistent decline in homeownership rates over the past decade, accompanied by significant increases in average home prices. The rental market has grown, with more residents opting to rent despite fluctuations in average rent prices. Recent sharp increases in federal interest rates, combined with rising property values, may continue to influence the balance between homeownership and renting in this area in the coming years.
