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Zip Code 17810: Stable Homeownership and Rising Values in Rural 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 17810, located in Allenwood, Pennsylvania, showcases an interesting dynamic between homeownership and rental trends over the past decade. This area has maintained a consistently high rate of homeownership, averaging around 80%, while experiencing significant changes in both average home prices and average rent prices. The homeownership rate in zip code 17810 has remained relatively stable, fluctuating between 79% and 82% from 2013 to 2022. During this period, average home prices have shown a steady upward trend. In 2010, the average home price was $148,997, and by 2022, it had increased to $224,513, representing a substantial 50.7% growth over 12 years. This trend suggests a strong correlation between the stable homeownership rates and the increasing property values in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 17810. From 2010 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. This period coincided with the highest homeownership rates in the area, reaching 82% in 2013. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership, settling at 80% by 2022. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The rental market in zip code 17810 has shown interesting fluctuations. The percentage of renters has remained relatively consistent, ranging from 18% to 21% between 2013 and 2022. Average rent prices, however, have experienced more volatility. In 2013, the average rent was $669, which increased to $839 by 2017, representing a 25.4% rise. Interestingly, there was a sharp decrease to $744 in 2018, followed by a recovery to $818 by 2022. These fluctuations in rent prices, despite the stable renter population, suggest other factors influencing the rental market, such as local economic conditions or housing supply changes.
Looking at more recent data, the average home price in zip code 17810 continued its upward trajectory, reaching $235,316 in 2023 and further increasing to $243,356 in 2024. This represents a 4.7% year-over-year increase from 2023 to 2024. 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 zip code 17810 will continue to rise, potentially reaching around $275,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $900 by 2029, considering the historical fluctuations and the overall upward trend in the housing market.
In summary, zip code 17810 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience in maintaining stable homeownership despite rising home prices and recent increases in interest rates. The rental market, while smaller, has shown more volatility in pricing but maintains a consistent share of the housing market. These trends suggest a continuing strong demand for housing in this area, with potential for further growth in both the ownership and rental sectors.
