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Zip Code 17529: Rising Home Values and Ownership Rates in Amish Country
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 17529, located in Intercourse, Pennsylvania, offers a unique blend of rural charm and evolving real estate dynamics. This area has experienced significant shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market conditions.
The ownership percentage in zip code 17529 has shown a notable increase from 65% in 2013 to 71% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $254,631, which steadily climbed to $419,441 by 2022, representing a 64.7% increase over nine years. This correlation suggests that despite rising prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or increased local prosperity.
Federal interest rates play a crucial role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial increase in homeownership from 65% to 66%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership in the area continued to grow, reaching 71% by 2022. This trend suggests that local factors may have outweighed the impact of rising interest rates on homebuying decisions in this zip code.
Renter percentages in zip code 17529 have inversely mirrored the homeownership trend, decreasing from 35% in 2013 to 29% in 2022. Interestingly, average rent prices have shown volatility during this period. Starting at $784 in 2013, rent prices peaked at $1,150 in 2017 before declining to $901 in 2022. This fluctuation in rent prices, coupled with the decreasing percentage of renters, may indicate a shift in housing preferences or economic circumstances favoring homeownership in the area.
In 2023 and 2024, the average home prices in zip code 17529 continued their upward trajectory, reaching $444,723 and $459,978 respectively. This represents a 5.9% increase from 2022 to 2023 and a further 3.4% rise from 2023 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift from the low-interest environment of previous years.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 17529 over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices may stabilize or see modest increases as the rental market adjusts to changing demand. The homeownership rate is likely to remain high, possibly with slight fluctuations as the market responds to economic factors and demographic shifts.
In summary, zip code 17529 has demonstrated a strong trend towards homeownership, with rising property values and a decreasing renter population. The area has shown resilience in its housing market, maintaining growth despite varying economic conditions. The recent surge in interest rates and continued increase in home prices suggest a dynamic and evolving real estate landscape in this Pennsylvania community.
