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Zip Code 17044: Rising Home Values and Shifting Ownership Trends in Lewistown, 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 17044, located in Lewistown, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 21,100 in 2022, has seen fluctuations in both ownership percentages and average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 17044 has shown slight variability over the years. In 2013, the area had a 66% homeownership rate, which decreased to 62% by 2015. However, it rebounded to 67% in 2020 before settling at 63% in 2022. Concurrently, average home prices have shown a significant upward trend. In 2013, the average home price was $78,323, which steadily increased to $127,061 by 2022, representing a substantial 62.2% increase over this period. This trend suggests that despite rising home prices, homeownership rates have remained relatively stable, indicating a resilient local housing market.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 0.38%. This period coincided with the highest homeownership rate of 67% in 2020, demonstrating how low interest rates can stimulate home buying. However, as interest rates began to rise sharply from 1.68% in 2022 to 5.02% in 2023, we observe a slight decline in homeownership to 63% in 2022, illustrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 17044 have fluctuated in tandem with homeownership rates. The renter-occupied percentage increased from 34% in 2013 to 38% in 2015, before decreasing to 33% in 2020 and then rising again to 37% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $661, which increased to $773 by 2017. After a slight dip to $686 in 2020, possibly due to the economic impacts of the pandemic, rent prices stabilized at $685 in 2022. This trend suggests that despite some variations, the rental market has remained relatively strong, with prices generally increasing over time.
The years 2023 and 2024 have seen continued growth in average home prices in zip code 17044. In 2023, the average home price reached $141,494, a significant 11.4% increase from 2022. This upward trend continued into 2024, with average home prices rising to $147,101, representing a further 3.9% increase. Notably, federal interest rates also continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 17044 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also projected to increase, driven by continued demand for rental properties and overall housing market appreciation. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, zip code 17044 has demonstrated a resilient housing market with steadily increasing average home prices and relatively stable homeownership rates despite fluctuations in interest rates. The rental market has also shown strength, with generally increasing average rents. The interplay between federal interest rates, homeownership percentages, and housing prices highlights the complex dynamics at work in this local real estate market. As we move forward, the area is likely to continue seeing growth in both home values and rental prices, reflecting ongoing demand and economic factors in the region.
