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Zip Code 17560: Rising Home Values and Shifting Ownership Patterns in Refton, 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 17560, located in Refton, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 14.55 square miles, has seen interesting dynamics in its real estate market, reflecting broader economic trends and local factors.
The homeownership rate in zip code 17560 has shown fluctuations between 2013 and 2022. In 2013, the area had an 82% homeownership rate, which peaked at 88% in 2016. However, this rate declined to 76% by 2019 before rebounding slightly to 80% in 2022. Concurrently, average home prices have demonstrated a consistent upward trend. In 2013, the average home price was $205,997, which steadily increased to $351,557 by 2022, representing a substantial 70.7% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the peak homeownership rate of 88% in 2016 coincided with a relatively low federal interest rate of 0.4%. As interest rates began to rise in subsequent years, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates declined to 78% and 76% respectively. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 17560 have shown interesting trends. The renter population increased from 18% in 2013 to 24% in 2019, before decreasing slightly to 20% in 2022. Average rent prices have generally increased over this period, starting at $855 in 2013 and reaching $1,022 in 2022, a 19.5% increase. Notably, there was a significant spike in average rent to $1,145 in 2017, coinciding with a period of lower homeownership rates.
In 2023 and 2024, the real estate market in zip code 17560 has continued to evolve. The average home price reached $369,213 in 2023 and further increased to $381,227 in 2024, representing a 3.3% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which jumped from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 17560 may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by ongoing demand for rental properties. However, the rate of increase may moderate if homeownership becomes more attractive due to potential future interest rate adjustments or changes in local economic conditions.
In summary, zip code 17560 has experienced a general trend of increasing home values and fluctuating homeownership rates over the past decade. The area has seen a recent uptick in homeownership after a period of decline, while average home prices have consistently risen. Rent prices have also increased, though not as dramatically as home prices. The interplay between interest rates, home prices, and rental market dynamics will likely continue to shape the real estate landscape in this Pennsylvania community in the coming years.
