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Zip Code 17255: Rising Home Values and Strong Ownership 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
Shade Gap, located in zip code 17255 in Pennsylvania, is a small community with a population that has remained relatively stable over the past decade, hovering around 620-640 residents. This area has experienced some interesting shifts in homeownership and rental trends, along with fluctuations in average home and rent prices.
The homeownership rate in Shade Gap has shown some variability over the years but has generally remained high. In 2013, the homeownership rate stood at 89%, and by 2022, it had decreased slightly to 88%. During this period, the lowest homeownership rate was observed in 2019 at 82%. Interestingly, average home prices in the area have shown an upward trend in recent years. In 2022, the average home price was $194,399, indicating a growing real estate market despite the slight fluctuations in homeownership rates.
Federal interest rates have played a significant role in influencing homeownership trends in Shade Gap. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with generally high homeownership rates in the area, often above 84%. As interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), we observed a slight increase in homeownership to 88% in 2022, possibly due to residents securing homes before further rate increases.
Renter percentages in Shade Gap have fluctuated inversely to homeownership rates. In 2013, the renter percentage was 11%, which increased to 18% by 2019 before decreasing to 12% in 2022. Average rent prices have shown a general downward trend during this period. In 2013, the average rent was $761, peaking at $827 in 2014, before steadily decreasing to $679 in 2022. This decline in average rent prices, coupled with the area's stable population, suggests a potential oversupply of rental units or economic factors affecting rental demand.
Looking at the most recent data, the average home price in Shade Gap increased slightly from $194,399 in 2022 to $194,863 in 2023, and further to $196,205 in 2024. This represents a modest but steady appreciation in home values. Concurrently, federal interest rates rose significantly from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued gradual increase in average home prices in Shade Gap. Based on the current trajectory, average home prices could potentially reach around $205,000 by 2029. For rent prices, the model suggests a possible stabilization or slight increase from the 2022 levels, potentially reaching around $700-$725 by 2029, assuming economic conditions remain relatively stable.
In summary, Shade Gap in zip code 17255 has maintained a high homeownership rate despite some fluctuations. The area has seen a modest but steady increase in average home prices, while average rent prices have generally decreased. The interplay between federal interest rates, homeownership rates, and housing prices suggests a resilient local real estate market. Moving forward, the community is likely to see continued stability in population and a gradual appreciation in home values, with potential for rental market adjustments based on supply and demand dynamics.
