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Zip Code 17830: Rising Home Values and Strong Ownership in Herndon, 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 17830, located in Herndon, Pennsylvania, presents an interesting case study of homeownership and housing market dynamics. This small community has experienced notable shifts in its population and housing landscape over the past decade. The area has maintained a consistently high rate of homeownership, while average home prices and rent have shown distinct trends.
The homeownership rate in zip code 17830 has remained relatively stable, with a slight increase observed in recent years. In 2013, the homeownership rate stood at 82%, and by 2022, it had risen to 84%. This increase coincides with a significant rise in average home prices. In 2016, the average home price was $135,275, which steadily climbed to $193,723 by 2022, representing a substantial 43.2% increase over six years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2016 to 2022 saw interest rates fluctuate between 0.4% and 1.68%. These relatively low rates likely contributed to maintaining the high homeownership levels in the zip code, as they made mortgage financing more accessible and affordable for potential buyers.
Renter percentages in zip code 17830 have remained relatively low, fluctuating between 16% and 20% from 2013 to 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $657, which increased to $727 in 2015 before declining to $646 in 2021. By 2022, average rent had risen again to $695. These fluctuations in rent prices, coupled with the area's stable population (2,027 residents in 2022), suggest a complex interplay between housing supply, demand, and local economic factors influencing the rental market.
In 2023 and 2024, the housing market in zip code 17830 has shown some notable changes. The average home price reached $200,744 in 2023, marking the highest point in the available data. However, 2024 has seen a slight decrease to $188,470. This shift coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in home prices observed in 2024.
Looking ahead, predictive models suggest that average home prices in zip code 17830 may experience moderate growth over the next five years, albeit at a slower pace than observed in the previous decade. This projection is based on the area's historical price trends and the current higher interest rate environment. Average rent prices are expected to continue their gradual upward trajectory, potentially reaching around $750-$800 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, zip code 17830 has maintained a strong homeownership culture despite rising home prices, likely supported by historically low interest rates until recent years. The rental market, while smaller, has shown resilience with gradual increases in average rents. The recent uptick in interest rates and the slight dip in 2024 home prices signal a potential shift in the market dynamics, which may influence future homeownership rates and housing affordability in this Pennsylvania community.
