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Zip Code 17824: Rising Home Values and Ownership Rates Near Knoebels Amusement Resort
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 17824, located in Elysburg, Pennsylvania, has demonstrated significant shifts in homeownership rates and property values over the past decade. This area has seen a notable increase in owner-occupied housing alongside rising average home prices, while the rental market has experienced contrasting trends.
The homeownership rate in zip code 17824 has shown a remarkable upward trajectory, climbing from 76% in 2013 to an impressive 93% in 2022. This substantial increase in owner-occupied housing coincides with a steady rise in average home prices. In 2013, the average home price was $150,358, which grew consistently year-over-year, reaching $222,348 by 2022. This represents a significant 47.9% increase in average home values over this period. The correlation between rising homeownership rates and increasing home prices suggests a strong demand for property ownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 17824. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 76% to 84%, likely due to more affordable financing options. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to increase, reaching 90% by 2019. This trend suggests that other local factors, such as job market stability or community desirability, may have outweighed the impact of rising interest rates on homeownership decisions in this area.
Conversely, the rental market in zip code 17824 has experienced a decline. The percentage of renter-occupied housing decreased from 24% in 2013 to just 7% in 2022. Despite this reduction in rental occupancy, average rent prices have shown an upward trend. In 2013, the average rent was $577, which increased to $711 by 2022, representing a 23.2% rise. This increase in rent prices, despite lower demand, could be attributed to a shrinking supply of rental properties or improvements in the quality of available rentals.
Looking at more recent data, the average home price in zip code 17824 continued its upward trajectory, reaching $241,788 in 2023 and further increasing to $247,950 in 2024. This represents a substantial 11.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 17824 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 and the area's increasing desirability for homeownership. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $800 per month by 2029. However, the limited supply of rental properties may lead to more volatile rent price fluctuations.
In summary, zip code 17824 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The area has shown resilience in maintaining strong homeownership growth despite recent interest rate increases. The rental market, while shrinking in terms of occupancy, has seen rising average rents. These trends suggest a robust housing market in the area, with a strong preference for homeownership among residents.
