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Zip Code 17572: Rising Home Values and Ownership 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 17572, located in Intercourse, Pennsylvania, presents an intriguing case study of housing trends in a small, rural community. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 17572 has shown a general upward trend, increasing from 64% in 2013 to 69% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $236,005 in 2013 to $390,540 in 2022, representing a 65.5% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $311,577 to $349,382, a 12.1% rise in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the increased homeownership rates observed during this time, as more affordable financing options became available to potential buyers. The sharp increase in homeownership from 65% in 2019 to 67% in 2020 coincides with a drop in interest rates from 2.16% to 0.38%, further illustrating this relationship.
Renter percentages in zip code 17572 have fluctuated inversely to homeownership rates, decreasing from 36% in 2013 to 31% in 2022. Interestingly, average rent prices have not shown a consistent trend. They peaked at $1,133 in 2017 when the renter percentage was 37%, but then decreased to $796 in 2022 despite a lower renter percentage of 31%. This counterintuitive trend might be explained by changes in the local housing market or economic conditions affecting the area's population, which grew from 4,647 in 2013 to 5,041 in 2022.
Looking at the most recent data, average home prices in zip code 17572 continued to rise, reaching $415,759 in 2023 and $429,473 in 2024. This represents a 10% increase from 2022 to 2024, indicating a continued strong housing market despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 17572 to continue their upward trajectory, potentially reaching around $500,000 by 2029. This projection is based on the consistent growth observed over the past decade and assumes relatively stable economic conditions. Average rent prices, which have shown more volatility, are harder to predict but may stabilize around $1,000 to $1,100 per month, reflecting a balance between housing demand and affordability in the area.
In summary, zip code 17572 has experienced a significant increase in homeownership rates and average home prices over the past decade, with particularly strong growth in recent years. The inverse relationship between homeownership and renter percentages, coupled with the complex dynamics of rent prices, suggests a changing housing landscape in this rural Pennsylvania community. The continued rise in home prices, even in the face of increasing interest rates, indicates a robust local housing market with potential for further growth in the coming years.
