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Zip Code 17721: Rising Home Values and Stable Ownership in Avis, 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
Avis, located in zip code 17721 in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This small community, spanning just 0.82 square miles, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends and local demographic changes.
The homeownership rate in Avis has remained relatively stable, with minor fluctuations over the years. In 2013, the homeownership rate was 76%, which decreased slightly to 72% by 2022. During this period, average home prices in the area have shown a consistent upward trend. From 2016 to 2022, average home prices increased from $105,559 to $167,462, representing a significant 58.6% growth over six years.
The relationship between federal interest rates and homeownership rates in Avis shows some correlation. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, the homeownership rate generally stayed above 70%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options. However, local factors also play a role, as evidenced by the slight variations in homeownership rates despite consistently low interest rates during this period.
Renter percentages in Avis have shown slight fluctuations, inversely mirroring the homeownership trends. The renter-occupied percentage increased from 24% in 2013 to 28% in 2022. Average rent prices have experienced more volatility compared to home prices. In 2013, the average rent was $731, which peaked at $1,031 in 2017 before decreasing to $787 in 2022. This represents a 7.7% increase in average rent from 2013 to 2022, despite the fluctuations in between. The population of Avis has decreased from 1,886 in 2013 to 1,379 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, average home prices in Avis reached $166,663 in 2023 and further increased to $171,365 in 2024. This represents a 2.8% increase from 2023 to 2024, indicating a continued upward trend in the housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Avis will likely continue to rise, albeit potentially at a slower rate due to higher interest rates. The average home price could reach approximately $190,000 to $200,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching around $850 to $900 per month in the next five years, assuming stable economic conditions and no significant changes in local housing policies or population trends.
In summary, Avis has demonstrated resilience in its housing market, with steadily increasing average home prices and relatively stable homeownership rates. The rental market has shown more volatility, influenced by population changes and economic factors. The recent increases in federal interest rates may pose challenges to homeownership affordability, potentially leading to a slight shift towards renting in the coming years. However, the overall trend suggests a continuing appreciation of property values in this Pennsylvania community.
