Loading Content...
Zip Code 17088: Schaefferstown's Resilient Housing Market and Average Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Schaefferstown, located in zip code 17088 in Pennsylvania, has experienced notable shifts in its housing landscape over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in this area. The homeownership rate in Schaefferstown has fluctuated over the years. In 2013, the community had a 100% homeownership rate. However, this rate decreased to 64% by 2017 and 2018, before rising again to 75% in 2022. This trend suggests a dynamic housing market with changing preferences or economic conditions influencing homeownership decisions.
The average home price in 2023 was $255,129, which increased to $257,552 in 2024. This represents a modest growth of approximately 0.95% in just one year, indicating a relatively stable housing market in the area.
The relationship between federal interest rates and homeownership rates in Schaefferstown appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, when interest rates were at historic lows (0.08% in 2021), the homeownership rate was 69%. As interest rates rose to 1.68% in 2022, we saw a slight increase in homeownership to 75%, possibly due to anticipation of further rate increases.
The percentage of renters in Schaefferstown has also fluctuated. In 2014, only 8% of residents were renters. This percentage increased to 36% by 2017 and 2018, before decreasing to 17% in 2022. The average rent prices have shown some variability, with the highest recorded average rent of $850 in 2015, 2016, 2017, 2018, and 2021. The most recent data for 2022 shows an average rent of $748, indicating a slight decrease in rental costs.
Looking at the most recent data, the average home price in Schaefferstown for 2023 was $255,129, which increased to $257,552 in 2024. This coincides with federal interest rates of 5.02% in 2023 and 5.33% in 2024, representing a significant increase from the near-zero rates of the early 2020s. Despite these higher interest rates, the housing market in the area appears to be maintaining steady growth.
Applying predictive models to forecast 5-year trends, we can anticipate a continued modest increase in average home prices, potentially reaching around $270,000 by 2029 if the current growth rate persists. Average rent prices may stabilize or show slight increases, potentially returning to the $800-$850 range seen in previous years. However, these projections are subject to various economic factors and local market conditions.
In summary, Schaefferstown has experienced significant fluctuations in homeownership and rental rates over the past decade. The recent trend shows a shift back towards higher homeownership, despite rising interest rates. The housing market appears stable with modest growth in average home prices, while rental costs have shown some variability. These trends suggest a resilient local housing market adapting to changing economic conditions and demographic shifts.
