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Zip Code 17361: Rising Home Values and Fluctuating Ownership in Shrewsbury, 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 17361, located in Shrewsbury, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have fluctuated.
The ownership percentage in this zip code has shown some variability over the years. In 2013, the homeownership rate was 81%, which increased to 84% in 2014 and 2016. However, there was a decline to 73% in 2019, followed by a recovery to 78% in 2022. During this same period, average home prices in the area have shown a consistent upward trend. The average home price in 2013 was $203,301, which steadily increased to $304,031 by 2022, representing a significant 49.5% increase over nine years.
Federal interest rates have played a role in homeownership trends in zip code 17361. For instance, in 2013 when interest rates were at 0.11%, the homeownership rate was 81%. As interest rates remained low, hovering around 0.1% to 0.4% from 2013 to 2016, homeownership rates stayed high, reaching 84% in 2016. However, as interest rates began to rise more significantly, reaching 2.16% in 2019, homeownership rates dropped to 73%. This suggests a correlation between lower interest rates and higher homeownership rates in this area.
Renter percentages and average rent prices in zip code 17361 have shown interesting trends. The percentage of renters increased from 16% in 2016 to 27% in 2019, coinciding with a decrease in average rent from $1,013 to $1,012. However, by 2022, the renter percentage decreased to 22% while the average rent increased to $1,505. This suggests that as the renter population decreased, landlords were able to charge higher rents, possibly due to decreased competition among renters.
In 2023, the average home price in zip code 17361 reached $315,769, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $324,784, while interest rates slightly rose to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market in the area, despite higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 17361 will continue to rise over the next five years, potentially reaching around $375,000 by 2029. Average rent prices may also continue their upward trajectory, possibly hitting $1,800 per month in the same timeframe. However, these increases may be moderated by factors such as interest rates and overall economic conditions.
In summary, zip code 17361 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The interplay between interest rates, homeownership, and rental markets has been evident, with low interest rates generally supporting higher homeownership rates. The area has also seen a recent trend of increasing average rents as the renter population has slightly decreased. As we move forward, the housing market in this zip code appears poised for continued growth in both home values and rental prices.
