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Zip Code 17112: Rising Home Values and Strong Ownership Trends in Linglestown, 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 17112, located in Linglestown, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has consistently maintained a high rate of owner-occupied housing, with a slight increase in recent years, while also seeing significant growth in average home values.
The homeownership rate in zip code 17112 has shown a gradual upward trend, rising from 80% in 2013 to 82% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $198,575, which steadily increased to $310,303 by 2022, representing a 56.3% increase over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $249,459 to $310,303, a 24.4% increase in just two years.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the stable homeownership rate of 80% during this time. As interest rates began to rise gradually from 2016 to 2019, reaching 2.16% in 2019, homeownership in the zip code actually increased slightly to 83%, suggesting other local factors may have influenced this trend. The sharp drop in interest rates to 0.08% in 2021 coincided with a peak in homeownership at 84%, supporting the notion that lower rates encourage home buying.
Renter percentages in zip code 17112 have shown a corresponding decline as homeownership increased, dropping from 20% in 2013 to 18% in 2022. Interestingly, average rent prices have also seen a general downward trend during this period. In 2013, the average rent was $1,262, which decreased to $1,156 by 2022, a 8.4% reduction. This trend is notable given the area's population growth from 33,475 in 2013 to 37,688 in 2022, suggesting that increased housing supply or other local factors may have helped keep rent prices in check despite growing demand.
In 2023 and 2024, average home prices in zip code 17112 continued their upward trajectory, reaching $325,619 in 2023 and $332,914 in 2024. This represents a 7.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these higher interest rates, home prices continued to appreciate, indicating strong demand in this area.
Looking ahead, predictive models suggest that average home prices in zip code 17112 may continue to rise over the next five years, potentially reaching around $375,000 by 2029. This projection is based on the historical trend of steady appreciation, even in the face of fluctuating interest rates. Average rent prices, which have been declining, may stabilize or see a slight increase, potentially reaching around $1,200 by 2029, as the market adjusts to the growing population and changing economic conditions.
In summary, zip code 17112 has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home values. The area has bucked national trends by maintaining relatively affordable rent prices despite population growth. The coming years may see continued appreciation in home values, while rent prices could stabilize or increase slightly, reflecting the dynamic nature of this local real estate market.
