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Zip Code 17314: Rising Home Values and Ownership Rates in Susquehanna Trails, 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 17314, located in Susquehanna Trails, Pennsylvania, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a high rate of owner-occupied housing, consistently above 75%, while experiencing significant fluctuations in average home prices and rent costs.
The homeownership rate in zip code 17314 has remained relatively stable, with a slight upward trend from 2013 to 2022. In 2013, the ownership rate was 78%, and by 2022, it had increased to 83%. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $163,909, and it steadily climbed to $263,324 by 2022, representing a 60.7% increase over nine years. This trend suggests that despite rising home prices, residents in this area have continued to prioritize homeownership.
Federal interest rates have played a role in homeownership trends in zip code 17314. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 78-79%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 83%. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 17314 have shown a corresponding decrease as homeownership increased. In 2013, renters occupied 22% of housing units, which decreased to 17% by 2022. Interestingly, average rent prices have fluctuated significantly during this period. From 2013 to 2018, average rent increased from $571 to $1,110, a 94.4% jump. However, from 2019 to 2022, average rent decreased from $934 to $765, a 18.1% drop. This recent decrease in rent prices, coupled with the area's growing population (from 5,061 in 2013 to 5,266 in 2022), may indicate an increased supply of rental properties or changes in local economic conditions.
In 2023 and 2024, the housing market in zip code 17314 continued to evolve. The average home price reached $277,345 in 2023 and further increased to $287,460 in 2024, showing a steady upward trend. Concurrently, federal interest rates rose 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.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in zip code 17314 are likely to continue their upward trajectory, potentially reaching around $330,000 to $350,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices, which have shown volatility, may stabilize or increase moderately, potentially reaching $800 to $900 per month by 2029, assuming economic conditions remain stable and housing supply keeps pace with population growth.
In summary, zip code 17314 has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The area has experienced significant growth in property values, while rent prices have shown more variability. The interplay between federal interest rates, local economic factors, and housing market dynamics will continue to shape the residential landscape of this Pennsylvania community in the coming years.
