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Zip Code 17402: East York's Rising Home Values and Stable Ownership Rates
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 17402, located in East York, Pennsylvania, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a generally stable homeownership rate with slight fluctuations, while both average home prices and average rent prices have seen substantial increases.
From 2013 to 2022, the homeownership rate in zip code 17402 remained relatively stable, ranging between 69% and 73%. The highest rate of homeownership was observed in 2020 at 73%, while the lowest was 69% in 2015-2018. Interestingly, as homeownership rates fluctuated, average home prices consistently increased. In 2013, the average home price was $173,111, and by 2022, it had risen to $275,499, representing a significant 59% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates were at their highest at 73% and 72%. This aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 17402 have shown slight variations, ranging from 27% to 31% between 2013 and 2022. The average rent prices have steadily increased during this period. In 2013, the average rent was $1,016, and by 2022, it had risen to $1,241, marking a 22% increase. The population growth in the area, from 35,293 in 2013 to 38,063 in 2022, may have contributed to the upward pressure on rent prices.
Looking at the most recent data, in 2023, the average home price in zip code 17402 reached $291,233, and in 2024, it further increased to $300,011. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership rates and home price growth in the near future.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17402 will continue to rise, albeit potentially at a slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $350,000 to $375,000. For average rent prices, the upward trend is likely to continue, potentially reaching $1,400 to $1,500 by 2029, assuming consistent population growth and economic conditions.
In summary, zip code 17402 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has seen substantial growth in both home values and rent prices, likely driven by population growth and economic factors. The recent rise in interest rates may pose challenges to homeownership and price growth, but the overall trend suggests continued appreciation in both home values and rent prices in the coming years.
