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Zip Code 17064: Rising Home Values and High Ownership in Timber Hills
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Timber Hills, located in zip code 17064 in Pennsylvania, is a small community that has experienced notable changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics. The homeownership rate in Timber Hills has remained consistently high, fluctuating between 91% and 96% from 2013 to 2022. This stability in homeownership is particularly impressive given the variations in average home prices during the same period. In 2013, the average home price was $229,641, which increased to $325,499 by 2022, representing a substantial 41.7% growth over nine years. Despite this significant rise in home values, the community maintained its high proportion of owner-occupied homes, suggesting a strong preference for homeownership among residents.
Federal interest rates have played a role in shaping homeownership trends in Timber Hills. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.4%), the homeownership rate remained above 90%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed remarkable resilience, staying at 93% in 2022. This suggests that other factors, such as local economic conditions or community preferences, may have a stronger influence on homeownership in this area than national interest rate trends.
The renter population in Timber Hills has remained relatively small, with the percentage of renter-occupied homes ranging from 2% to 7% between 2013 and 2022. Average rent prices have shown considerable fluctuation during this period. In 2013, the average rent was $1,124, which peaked at $1,581 in 2017 before declining to $1,247 in 2022. This represents a modest 10.9% increase in average rent over the decade. The low renter population, combined with the fluctuating rent prices, suggests a limited rental market in the area, possibly influenced by the strong homeownership culture.
Looking at more recent data, the average home price in Timber Hills continued its upward trajectory, reaching $353,787 in 2023 and $375,304 in 2024. This represents a significant 15.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, hitting 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the local housing market has shown continued price growth.
Applying predictive models to forecast future trends, we anticipate that average home prices in Timber Hills will continue to rise over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. We project average home prices could reach approximately $425,000 to $450,000 by 2029. Average rent prices are expected to follow a more moderate growth trajectory, potentially reaching around $1,400 to $1,500 per month in the same timeframe.
In summary, Timber Hills (17064) demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The community has shown resilience to rising interest rates, maintaining strong homeownership levels despite significant home price appreciation. The limited rental market suggests a continued preference for owner-occupied housing in the area. As the market evolves, it will be interesting to observe how these trends develop, particularly in light of the recent sharp increases in both home prices and interest rates.
