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Zip Code 17268: Rising Home Values and Stable Ownership in Waynesboro, PA
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
Waynesboro, Pennsylvania, located in zip code 17268, has experienced steady growth and evolving housing dynamics over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Waynesboro has remained relatively stable, fluctuating between 67% and 70% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $150,476, which increased to $240,715 by 2022, representing a substantial 60% growth over nine years. This trend suggests a strong correlation between rising home values and sustained homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained low, hovering around 0.1-0.4%. During this period, homeownership rates in Waynesboro stayed relatively stable at around 68-69%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates showed a slight decline to 67%. However, when interest rates dropped dramatically to 0.38% in 2020 and 0.08% in 2021, homeownership rates rebounded to 69% in 2021 and 70% in 2022, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in Waynesboro have mirrored the homeownership trends, ranging from 30% to 33% between 2013 and 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $947, which decreased to $854 in 2014 before gradually rising to $930 in 2019. After a slight dip to $902 in 2020, average rent jumped to $1,009 in 2021, the highest in the observed period. Interestingly, 2022 saw a decrease to $905, possibly due to the increase in homeownership rates that year.
In 2023, the average home price in Waynesboro reached $250,633, continuing the upward trend observed in previous years. This represents a 4.1% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $258,300, while the federal interest rate has risen slightly to 5.33%. These figures indicate a continuing strong housing market despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Waynesboro will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $280,000 to $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,100 to $1,200 per month in the same timeframe, driven by population growth and housing demand.
In summary, Waynesboro has demonstrated a resilient housing market with steady homeownership rates and consistently increasing average home prices. The inverse relationship between federal interest rates and homeownership rates has been evident, with lower rates generally encouraging higher homeownership. Despite some fluctuations, average rent prices have also shown an overall upward trend. The continued rise in both home prices and population suggests a strong and growing demand for housing in this Pennsylvania community.
