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Zip Code 17584: Willow Street's Rising Home Values and Shifting Ownership Trends
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
Willow Street, located in zip code 17584 in Pennsylvania, is a community that has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, along with steady increases in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Willow Street has shown some variability over the years. In 2013, the homeownership rate stood at 59%. It reached its peak at 62% in 2016, before settling back to 57% in 2022. This fluctuation coincides with changes in average home prices, which have shown a consistent upward trend. In 2013, the average home price was $186,500, and by 2022, it had risen to $308,593, representing a substantial increase of 65.5% over this period.
The relationship between federal interest rates and homeownership rates in Willow Street follows the generally expected pattern. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates in the area increased from 59% to 62%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we saw a corresponding decrease in homeownership rates to 57%.
Renter percentages in Willow Street have inversely mirrored the homeownership trends, ranging from 38% to 43% between 2013 and 2022. The average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,485, peaking at $1,775 in 2016 before declining to $1,579 in 2022. This represents a 6.3% increase in average rent over the decade, despite the fluctuations. The population growth from 7,300 in 2013 to 9,291 in 2022 likely contributed to the overall upward pressure on both home prices and rents.
Looking at the most recent data, the average home price in Willow Street continued its upward trajectory, reaching $324,692 in 2023 and further increasing to $337,005 in 2024. This represents a 5.2% and 3.8% year-over-year increase, respectively. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Willow Street will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $380,000 to $400,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,800 to $2,000 per month in the same timeframe, driven by population growth and housing demand.
In summary, Willow Street has experienced a significant increase in average home prices over the past decade, with a more modest rise in average rent prices. Homeownership rates have fluctuated, influenced by changes in interest rates and housing affordability. The recent sharp increase in interest rates, combined with continued growth in home prices, may pose challenges for potential homebuyers in the coming years. However, the area's steady population growth suggests ongoing demand for housing, which is likely to sustain both the ownership and rental markets in this Pennsylvania community.
