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Zip Code 17316: Rising Home Values and Ownership Trends in Lake Meade, 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
Lake Meade, located in zip code 17316 in Pennsylvania, presents an intriguing case study of homeownership and housing market trends. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing steady growth. The community has also experienced fluctuations in its rental market, reflecting broader economic shifts and local dynamics.
The homeownership rate in Lake Meade has remained remarkably stable, hovering around 85-87% from 2013 to 2022. This high rate of owner-occupied housing coincides with a consistent increase in average home prices. In 2013, the average home price was $186,661, which steadily rose to $299,473 by 2022, representing a substantial 60.4% increase over this period. The year 2021 saw a particularly significant jump, with average home prices rising from $240,224 in 2020 to $273,837, a 14% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in Lake Meade. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in the area remained high and stable, likely due to the affordability of mortgages. As interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Lake Meade showed remarkable resilience, actually increasing slightly from 86% in 2016 to 87% in 2022.
The rental market in Lake Meade has shown interesting trends in relation to the high homeownership rates. The percentage of renters decreased from 17% in 2013 to 13% in 2022, indicating a shift towards homeownership. Despite this decrease in the renter population, average rent prices have generally increased. In 2013, the average rent was $983, which rose to $1,067 by 2022, a 8.5% increase. Interestingly, there were fluctuations in rent prices, with peaks of $1,080 in 2017 and $1,078 in 2021, possibly reflecting short-term market adjustments or changes in the local economy.
In 2023 and 2024, Lake Meade experienced continued growth in average home prices. The average home price reached $312,968 in 2023 and further increased to $322,789 in 2024, representing a 7.8% increase from 2022 to 2024. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the housing market in Lake Meade has shown resilience in the face of these economic pressures.
Looking ahead, predictive models suggest that average home prices in Lake Meade are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to the higher interest rate environment. Average rent prices are also expected to increase moderately, reflecting the area's consistent demand for housing and limited rental inventory. The high homeownership rate is likely to persist, given the community's established preference for owner-occupied housing.
In summary, Lake Meade in zip code 17316 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to economic fluctuations, maintaining strong homeownership even as interest rates have risen. The rental market, while smaller, has seen general price increases despite a declining renter population. These trends point to a community with strong housing demand and a preference for homeownership, likely to continue in the coming years.
