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Zip Code 17505: Rising Home Values and Shifting Ownership Patterns in Witmer, 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
Witmer, located in zip code 17505 in Pennsylvania, is a small community with a population of 3,681 as of 2022. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Witmer has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate stood at 59%, increasing to 64% in 2014 and 2015. However, it experienced a slight decline in subsequent years, settling at 61% in 2022. This trend coincides with changes in average home prices, which have shown a consistent upward trajectory. The average home price in the area rose from $268,534 in 2013 to $465,653 in 2022, representing a substantial increase of 73.4% over this period.
The relationship between federal interest rates and homeownership rates in Witmer appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), the area maintained its highest homeownership rates of 59% to 64%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership rates, dropping to 61% by 2022.
Renter percentages in Witmer have shown a slight increase over time, moving from 35% in 2014 to 39% in 2022. This trend has been accompanied by a general increase in average rent prices. The average rent rose from $944 in 2013 to $967 in 2022, representing a 2.4% increase. However, it's worth noting that rent prices peaked at $1,167 in 2021 before decreasing in 2022. The population growth from 3,507 in 2010 to 3,681 in 2022 may have contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in Witmer continued its upward trajectory. The average home price reached $487,595 in 2023 and further increased to $502,419 in 2024, marking a 7.9% rise from 2022 to 2024. This growth occurred despite the significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical data and current trends, we can project continued growth in both home prices and rent in Witmer over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $575,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase to approximately $1,100 per month by 2029.
In summary, Witmer has demonstrated resilience in its housing market, with steadily increasing home values despite fluctuations in homeownership rates. The area has maintained a balance between owner-occupied and renter-occupied properties, adapting to changing economic conditions and population growth. The recent surge in home prices, even in the face of rising interest rates, suggests a strong local housing market that is likely to continue its growth trajectory in the coming years.
