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Zip Code 17764: Home Values and Ownership Trends in Renovo, PA
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
Renovo, located in zip code 17764 in Pennsylvania, is a small community with a population of 1,507 as of 2022. This area has experienced interesting fluctuations in homeownership rates and housing prices over the past decade. The ownership percentage has remained relatively stable, while average home prices have shown a gradual increase, and average rent prices have demonstrated significant volatility.
The homeownership rate in zip code 17764 has fluctuated slightly but remained relatively stable over the years. In 2013, the ownership rate was 77%, which increased to 80% in 2018, before settling at 76% in 2022. During this same period, average home prices showed a general upward trend. In 2013, the average home price was $48,605, which increased to $53,839 in 2018, and further rose to $67,306 in 2022, representing a 38.5% increase over the decade.
Federal interest rates have played a role in homeownership trends in the area. As interest rates remained low between 2013 and 2021 (ranging from 0.08% to 0.4%), homeownership rates remained relatively stable. However, the slight decrease in homeownership from 80% in 2018 to 76% in 2022 coincided with a rise in interest rates from 1.83% in 2018 to 1.68% in 2022, suggesting a potential correlation between rising interest rates and a slight decline in homeownership.
Renter percentages in zip code 17764 have shown minor fluctuations, inversely mirroring the homeownership trends. The renter population increased from 20% in 2018 to 24% in 2022. Interestingly, average rent prices have shown significant volatility. In 2013, the average rent was $1,117, which increased to $1,309 in 2018, but then dramatically decreased to $786 in 2022, representing a 40% decrease from the 2018 peak. This decrease in average rent prices occurred despite a slight increase in the renter population, suggesting other factors may be influencing rent prices in the area.
Looking at the most recent data, the average home price in zip code 17764 for 2023 was $58,773, showing a decrease from the 2022 value. However, in 2024, the average home price rose to $61,673, indicating a recovery in the housing market. This aligns with the current federal interest rate of 5.33% in 2024, which may be influencing buyer behavior and housing demand in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 17764 to continue their overall upward trajectory, potentially reaching around $70,000 by 2029. Average rent prices, given their recent volatility, are more challenging to predict but may stabilize and gradually increase to approximately $900-$1,000 per month over the next five years, assuming economic conditions remain stable and the population continues to grow modestly.
In summary, zip code 17764 has maintained a relatively stable homeownership rate despite fluctuations in average home prices and significant volatility in average rent prices. The recent increase in federal interest rates appears to have had a minor impact on homeownership rates. The area's housing market shows resilience, with average home prices recovering in 2024 after a brief dip in 2023. These trends suggest a dynamic and adaptable real estate market in Renovo, with potential for continued growth and stability in the coming years.
