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Zip Code 17349: Rising Home Values and High Ownership Rates in New Freedom, 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
New Freedom, located in zip code 17349 in Pennsylvania, has experienced interesting trends in homeownership and housing prices over the past decade. This area has seen a general increase in both population and average home prices, with some fluctuations in homeownership rates.
The homeownership rate in zip code 17349 has shown a slight upward trend from 2013 to 2022, with some variations. In 2013, the homeownership rate was 84%, which increased to 90% by 2018, the highest point in the observed period. However, there was a slight decline to 85% by 2022. During this same period, average home prices in the area saw a consistent upward trend. In 2013, the average home price was $238,349, which steadily increased to $360,004 by 2022, representing a substantial 51% increase over nine years.
Federal interest rates have played a role in homeownership trends in zip code 17349. From 2013 to 2016, when interest rates were relatively low (ranging from 0.11% to 0.40%), homeownership rates increased from 84% to 87%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable at around 87-90%. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership to 89% in 2021, before declining to 85% in 2022 as interest rates rose to 1.68%.
Regarding rental trends, the percentage of renters in zip code 17349 has fluctuated over the years, showing an overall slight decrease from 14% in 2013 to 15% in 2022. Average rent prices, however, have shown a significant upward trend. In 2013, the average rent was $934, which increased to $1,589 by 2022, representing a 70% increase over nine years. This substantial rise in rent prices occurred despite the relatively stable renter population, suggesting increased demand for rental properties or overall market appreciation in the area.
In 2023 and 2024, the upward trend in average home prices continued in zip code 17349. The average home price reached $377,386 in 2023 and further increased to $386,605 in 2024. This represents a 4.8% increase from 2022 to 2023 and a 2.4% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates since 2007.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 17349 will continue to rise over the next five years, albeit potentially at a slower rate due to the higher interest rates. A conservative estimate would suggest an annual increase of 2-3%, which could bring the average home price to around $425,000-$450,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $1,800-$1,900 per month by 2029, assuming a similar growth rate to recent years.
In summary, zip code 17349 has demonstrated strong growth in both home values and rent prices over the past decade, with homeownership rates remaining relatively high despite some fluctuations. The area has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. These trends suggest a robust and desirable housing market in New Freedom, with potential for continued growth in the coming years.
