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Zip Code 17777: Resilient Homeownership Amidst Fluctuating Home Values in Dewart, 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
Zip code 17777, located in Dewart, Pennsylvania, presents an interesting case study of housing trends in a small, rural community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 17777 has shown resilience, with a slight increase from 71% in 2019 to 74% in 2022. This trend coincides with a significant rise in average home prices, which grew from $186,313 in 2019 to $223,646 in 2022, representing a 20% increase over three years. The relationship between homeownership rates and average home prices suggests that despite rising costs, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 17777. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% to 0.08%. This likely contributed to the increased homeownership rate during this time, as lower rates made mortgages more affordable. However, the sharp rise in interest rates to 1.68% in 2022 did not immediately impact homeownership, which remained stable at 74%.
Renter percentages in zip code 17777 have shown a slight decrease, moving from 29% in 2019 to 26% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2019, the average rent was $747, which increased to $864 in 2021 before dropping to $689 in 2022. This volatility in rent prices, coupled with the declining renter percentage, suggests a shift towards homeownership in the area, possibly driven by the relative stability of mortgage payments compared to unpredictable rent increases.
Looking at more recent data, the average home price in zip code 17777 slightly decreased from $223,646 in 2022 to $223,528 in 2023, and further declined to $219,733 in 2024. This recent downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be cooling the housing market, making it more challenging for potential buyers to afford mortgages.
Applying predictive models to forecast 5-year trends, we anticipate a moderate increase in average home prices for zip code 17777. Given the recent plateau and slight decline, we expect prices to stabilize before resuming a gradual upward trajectory, potentially reaching around $240,000 by 2029. For average rent prices, we project a slow but steady increase, potentially reaching $750-$800 per month by 2029, assuming economic conditions remain relatively stable.
In summary, zip code 17777 has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The area has shown resilience in the face of economic changes, including fluctuating interest rates and rent prices. The recent cooling in the housing market, influenced by rising interest rates, may present both challenges and opportunities for current and prospective homeowners in this Pennsylvania community.
