Loading Content...
Zip Code 17527: Gap's Rising Home Values and Ownership Rates Amid Market Volatility
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 17527, located in Gap, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting the dynamic nature of its local real estate market.
The homeownership rate in zip code 17527 has shown a gradual increase from 73% in 2013 to 76% in 2022. This upward trend in homeownership coincided with a significant rise in average home prices, which grew from $228,809 in 2013 to $372,018 in 2022, representing a 62.6% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite rising costs, more residents in this area have been able to transition into homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 17527. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the steady homeownership rate of 73% during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the area interestingly saw an increase in homeownership to 78%, possibly indicating other local economic factors at play or a rush to purchase before rates increased further.
Renter percentages in zip code 17527 have correspondingly decreased from 27% in 2013 to 24% in 2022. During this period, average rent prices showed considerable volatility. They peaked at $1,243 in 2014 before declining to a low of $837 in 2018, and then rebounded to $968 by 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market possibly influenced by changes in local housing supply and demand dynamics.
In 2023 and 2024, the average home prices in zip code 17527 continued their upward trajectory, reaching $396,506 in 2023 and $411,524 in 2024. This represents a 10.6% increase from 2022 to 2024, despite the substantial rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen the local housing market's growth significantly.
Looking ahead, predictive models suggest that average home prices in zip code 17527 may continue to rise over the next five years, potentially reaching around $450,000 by 2029 if current trends persist. Average rent prices are projected to stabilize and potentially increase modestly, possibly reaching $1,100 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 17527 has demonstrated a resilient housing market with increasing homeownership rates and rising average home prices over the past decade. The area has weathered fluctuations in rent prices and shown continued growth in property values despite recent interest rate hikes. The coming years may see further appreciation in home values and a stabilization of the rental market, reflecting the ongoing desirability of this Pennsylvania community.
