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Zip Code 17772: Rising Home Values and Strong Ownership Trends in Turbotville, 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
Zip code 17772, located in Turbotville, Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight upward trend in recent years. The average home prices have shown steady growth, while average rent prices have fluctuated.
The homeownership rate in zip code 17772 has increased from 82% in 2015 to 87% in 2022, indicating a strong preference for homeownership in the area. This trend aligns with the growth in average home prices, which rose from $176,582 in 2015 to $247,529 in 2022, representing a 40% increase over seven years. The parallel increase in homeownership rates and average home prices suggests a robust local housing market with growing demand for owned properties.
Federal interest rates have played a significant role in shaping homeownership trends. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period coincided with the rise in homeownership rates from 82% to 86%. The low-interest environment likely made mortgages more affordable, encouraging more residents to purchase homes. The sharp increase in interest rates to 5.02% in 2023 and 5.33% in 2024 may impact future homeownership trends.
The renter population in zip code 17772 has decreased from 18% in 2015 to 13% in 2022. Despite this decline, average rent prices have shown an overall upward trend, rising from $722 in 2015 to $781 in 2022. This increase in average rent prices, despite a smaller renter population, could indicate a tightening rental market with potentially higher-quality or more desirable rental properties available.
Looking at the most recent data, the average home price in zip code 17772 reached $249,436 in 2023, showing continued growth. However, in 2024, there was a slight decrease to $238,771. This recent dip coincides with the higher interest rates of 5.33% in 2024, which may have cooled the housing market slightly.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17772 will continue to rise, albeit at a more moderate pace. The current high-interest rate environment may temper rapid price growth. Average rent prices are expected to follow a similar trajectory, with modest increases over the next five years, influenced by the area's strong homeownership preference and potential economic factors.
In summary, zip code 17772 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has maintained a strong preference for owner-occupied housing, with recent years showing the highest rates of homeownership. While the rental market has shrunk, average rent prices have generally increased. The recent uptick in interest rates may introduce new dynamics to the local housing market, potentially moderating the rapid growth in home prices observed in previous years.
