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Zip Code 17362: Rising Home Values and Stable Ownership in Spring Grove
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
Spring Grove, located in zip code 17362 of Pennsylvania, has experienced notable shifts in its housing market over the past decade. This analysis will explore the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate dynamics.
The homeownership rate in Spring Grove has remained relatively stable, with minor fluctuations. In 2013, the homeownership rate stood at 86%, and by 2022, it slightly decreased to 85%. During this period, average home prices in the area have shown a significant upward trend. In 2013, the average home price was $170,073, and by 2022, it had risen to $268,445, representing a substantial increase of 57.8% over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained steady at around 85-86%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates experienced minor fluctuations but generally remained resilient, only dropping slightly to 85% in 2022.
The renter population in Spring Grove has shown a slight increase over time. In 2013, renters made up 14% of the population, and by 2022, this figure had risen to 15%. Average rent prices have displayed some volatility during this period. Starting at $1,107 in 2013, average rent reached a peak of $1,273 in 2021 before decreasing to $1,079 in 2022. This represents a modest overall decrease of 2.5% from 2013 to 2022, despite the population growth from 14,203 to 14,684 during the same period.
In 2023 and 2024, the housing market in Spring Grove continued its upward trajectory. The average home price rose to $285,168 in 2023 and further increased to $297,202 in 2024. This represents a 10.7% increase from 2022 to 2024. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in Spring Grove. Projecting the current trajectory, we might expect average home prices to reach approximately $340,000 to $350,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching around $1,300 to $1,400 per month in the next five years, assuming steady economic conditions and population growth.
In summary, Spring Grove's housing market has demonstrated resilience and growth, with steadily increasing average home prices and relatively stable homeownership rates. The rental market has shown more fluctuation, with a slight increase in the renter population and variable average rent prices. As the area continues to develop, these trends suggest a robust and dynamic real estate environment in zip code 17362.
