Loading Content...
Zip Code 17093: Rising Home Values and Ownership Trends in Enola, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 17093, located in Enola, Pennsylvania, has experienced significant fluctuations in population and housing dynamics over the past decade. This small area, covering just 0.16 square miles, has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 17093 has shown a remarkable increase over recent years. In 2013, the area had a 73% homeownership rate, which declined to 46% by 2016. However, there has been a substantial rebound since then, with homeownership reaching an impressive 86% in 2022. This upward trend in homeownership coincides with a steady increase in average home prices. The average home price in the area rose from $133,926 in 2013 to $196,159 in 2022, representing a 46.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, the data for 17093 shows a more complex picture. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership actually decreased. Conversely, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership in the area significantly increased. This suggests that local factors may have played a more significant role in driving homeownership trends than national interest rates in this particular zip code.
Renter percentages and average rent prices in zip code 17093 have also shown notable trends. The percentage of renters peaked at 53% in 2016, coinciding with the lowest homeownership rate. Since then, the renter population has steadily decreased, reaching 14% in 2022. Interestingly, despite the decrease in renters, average rent prices have increased substantially. The average rent rose from $854 in 2013 to $1,313 in 2022, a 53.7% increase. This trend suggests a potential shortage of rental properties or an increase in the quality of available rentals in the area.
Looking at the most recent data, the average home price in zip code 17093 continued its upward trajectory, reaching $211,384 in 2023 and $222,404 in 2024. This represents a 13.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17093 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $260,000 to $280,000, assuming a moderate annual growth rate of 3-5%. Average rent prices are also expected to increase, potentially reaching $1,500 to $1,600 per month by 2029, based on historical trends and accounting for potential market adjustments.
In summary, zip code 17093 has experienced a significant shift towards homeownership in recent years, coupled with substantial increases in both average home prices and rent prices. The area has shown resilience in its housing market, with homeownership rates rising despite increasing interest rates. The coming years may see continued growth in housing values, albeit potentially at a more moderate pace, while the rental market may face pressure from the reduced renter population and increasing prices.
