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Zip Code 17815: Rising Home Values and Stable Ownership in Bloomsburg, 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 17815, located in Bloomsburg, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its blend of small-town charm and educational institutions, has seen interesting trends in its real estate market.
The homeownership rate in zip code 17815 has shown slight fluctuations over the years, with a general trend towards decreased ownership. In 2013, the homeownership rate stood at 62%, and by 2020, it had decreased to 59%. However, there was a rebound to 63% by 2022. Average home prices in the area have demonstrated a consistent upward trend. In 2013, the average home price was $176,126, and by 2022, it had risen to $233,936, representing a substantial increase of 32.8% over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 63%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), we saw a corresponding decline in homeownership rates from 62% to 60%.
Renter percentages and average rent prices in zip code 17815 have shown an interesting relationship. The percentage of renters increased from 37% in 2014 to 41% in 2020, before decreasing slightly to 37% in 2022. During this period, average rent prices fluctuated but generally trended upward. In 2013, the average rent was $788, rising to $938 in 2020, and then slightly decreasing to $937 in 2022. This represents an overall increase of 18.9% in average rent from 2013 to 2022.
In 2023 and 2024, the average home prices in zip code 17815 continued their upward trajectory. The average home price reached $240,042 in 2023 and further increased to $241,771 in 2024. This represents a 3.3% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on the observed trends, we can project that average home prices in zip code 17815 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $260,000 to $270,000 by 2029. Average rent prices could also continue their upward trend, potentially reaching $1,100 to $1,200 per month by 2029, assuming current economic conditions persist.
In summary, zip code 17815 has experienced a gradual increase in average home prices and rent values over the past decade, with some fluctuations in homeownership rates. The area has shown resilience in its housing market, with recent years seeing continued growth in property values despite rising interest rates. These trends suggest a dynamic real estate environment in Bloomsburg, balancing between homeownership and rental markets.
