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Zip Code 17545: Rising Home Values and Stable Ownership in Penryn, 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
Zip code 17545, located in Penryn, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a high rate of homeownership, with average home prices showing a consistent upward trend.
The homeownership rate in zip code 17545 has remained relatively stable, fluctuating between 78% and 82% from 2013 to 2022. During this period, average home prices have shown a steady increase. In 2013, the average home price was $194,322, and by 2022, it had risen to $319,321, representing a significant 64.3% increase over nine years. This trend suggests a strong correlation between sustained high homeownership rates and rising property values in the area.
Federal interest rates have played a role in homeownership trends in zip code 17545. For instance, in 2020, when interest rates dropped to 0.38%, the homeownership rate increased to 82%, the highest in the observed period. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. Conversely, as interest rates began to rise in 2022 to 1.68%, the homeownership rate slightly decreased to 81%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 17545 have remained relatively low, ranging from 18% to 22% between 2013 and 2022. Average rent prices have shown some fluctuation during this period. In 2013, the average rent was $1,090, peaking at $1,135 in 2014, before declining to $977 in 2018. By 2022, the average rent had increased again to $1,042. These fluctuations in rent prices, coupled with the area's growing population (from 22,592 in 2013 to 24,243 in 2022), suggest a dynamic rental market responding to changing demand and supply factors.
In 2023 and 2024, the upward trend in average home prices continued in zip code 17545. The average home price reached $337,982 in 2023 and further increased to $351,328 in 2024. This represents a significant 10% increase from 2022 to 2024. Notably, federal interest rates also rose substantially during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Looking ahead, predictive models suggest that average home prices in zip code 17545 are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are expected to follow a similar trend, with gradual increases likely as the area's population continues to grow.
In summary, zip code 17545 has maintained a high rate of homeownership despite fluctuations in the housing market and interest rates. The area has seen significant appreciation in average home values, with a particularly strong surge in recent years. While the rental market has shown some volatility, it remains a smaller segment of the housing landscape in this zip code. The interplay between federal interest rates, population growth, and housing demand will continue to shape the real estate dynamics in this Pennsylvania community.
