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Zip Code 17063: Rising Home Values and Ownership Trends 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 17063, located in Milroy, Pennsylvania, has experienced significant shifts in its housing market over the past decade. This rural area has demonstrated resilience in homeownership rates and consistent growth in average home prices, while maintaining relatively stable average rent prices. The homeownership rate in zip code 17063 has followed a U-shaped trend from 2013 to 2022. Starting at 86% in 2013, it decreased to 75% by 2017, but subsequently rebounded to 83% by 2022. This pattern coincides with changes in average home prices, which rose from $89,915 in 2013 to $162,760 in 2022, representing an 81% increase over nine years. The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Homeownership rates initially declined as interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%). However, as interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates stabilized and then increased. This trend suggests that local factors may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages in zip code 17063 have shown an inverse relationship to homeownership rates. The percentage of renters increased from 14% in 2013 to a peak of 25% in 2017, before declining to 17% by 2022. Average rent prices have not shown a strong correlation with these changes in renter percentages. The average rent was $570 in 2013, peaked at $633 in 2014, and then stabilized around $615 by 2022. This suggests that local rental market dynamics may be influenced by factors beyond simple supply and demand.
Recent data shows that the average home price in zip code 17063 reached $175,469 in 2023 and further increased to $176,114 in 2024. This represents a 7.8% increase from 2022 to 2023 and a modest 0.4% increase from 2023 to 2024. The federal interest rate also saw significant changes, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 17063 will continue to rise, albeit at a slower pace than in recent years. By 2029, average home prices could reach approximately $195,000 to $205,000. Average rent prices are expected to show moderate growth, potentially reaching $650 to $675 by 2029.
In summary, zip code 17063 has demonstrated resilience in its housing market, with homeownership rates recovering after a period of decline and average home prices showing consistent growth. The rental market has remained relatively stable despite fluctuations in renter percentages. The area's ability to maintain high homeownership rates even as home prices increase suggests a strong local economy and continued demand for housing in this Pennsylvania community.
