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Zip Code 17301: High Homeownership and Rising Home Values in Abbottstown, 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 17301, encompassing Abbottstown in Pennsylvania, presents an intriguing case study of housing market dynamics. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 17301 has remained relatively stable, hovering around 89% from 2013 to 2022. This high rate of owner-occupied housing suggests a strong preference for homeownership in the area. Concurrently, average home prices have shown a steady upward trajectory. In 2013, the average home price was $173,899, which increased to $275,771 by 2022, representing a significant 58.6% growth over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite fluctuations in interest rates, the homeownership rate in this zip code has remained remarkably consistent. For instance, in 2013, when interest rates were at 0.11%, the homeownership rate was 90%. By 2022, with interest rates at 1.68%, the homeownership rate held steady at 89%. This suggests that other factors, such as local economic conditions or housing supply, may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages in zip code 17301 have shown minor fluctuations, ranging from 10% to 13% between 2013 and 2022. Average rent prices have also experienced variations during this period. In 2013, the average rent was $981, which increased to $1,122 in 2015, representing a 14.4% jump. However, rent prices then stabilized, with 2022 showing an average rent of $1,104. These trends suggest a relatively stable rental market, with modest growth in line with overall housing market appreciation.
Looking at the most recent data, the average home price in zip code 17301 reached $289,712 in 2023 and further increased to $301,222 in 2024. This represents a substantial 9.2% year-over-year increase from 2022 to 2024. Notably, this price growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong underlying demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in zip code 17301. Based on historical data and current market conditions, average home prices could potentially reach $350,000 to $375,000 by 2029. Similarly, average rent prices might increase to the $1,250 to $1,350 range over the same period. These projections assume a continuation of current economic trends and local market dynamics.
In summary, zip code 17301 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily appreciating property values. The area has shown resilience to national economic fluctuations, maintaining consistent homeownership levels despite varying interest rates. The recent acceleration in home price growth, even in the face of rising interest rates, suggests strong local demand and potentially limited housing supply. As the market continues to evolve, this zip code appears poised for further appreciation in both home values and rental rates, making it an area of interest for both homeowners and investors.
