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Zip Code 17921: Ashland's Rising Home Values and Stable Ownership Rates
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 17921, located in Ashland, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 8,964 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 17921 has shown a general upward trend, increasing from 77% in 2019 to 81% in 2022. This rise in homeownership coincides with significant growth in average home prices. In 2019, the average home price was $66,100, which steadily increased to $96,111 by 2022, representing a substantial 45.4% increase over just three years. This correlation suggests that despite rising prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or local factors encouraging homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2019 to 2022 saw historically low interest rates, dropping from 2.16% in 2019 to 0.08% in 2021, before rising to 1.68% in 2022. These low rates likely contributed to the increased homeownership rates observed during this period, as they made mortgage financing more accessible and affordable for potential buyers in the 17921 zip code.
Conversely, the rental market in this zip code has shown some interesting trends. The percentage of renters decreased slightly from 22% in 2019 to 19% in 2022. Despite this decrease in the renter population, average rent prices have experienced significant fluctuations. In 2019, the average rent was $645, which decreased to $637 in 2020, likely due to the economic impact of the COVID-19 pandemic. However, rent prices then surged to $700 in 2021 before settling at $643 in 2022. These fluctuations in rent prices, coupled with the decreasing renter population, suggest a complex rental market influenced by various economic factors and possibly changing housing preferences in the area.
Looking at the most recent data, the average home price in zip code 17921 continued its upward trajectory, reaching $99,044 in 2023 and further increasing to $103,822 in 2024. This represents a 7.9% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast future trends, we anticipate that average home prices in zip code 17921 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $120,000 by 2029. Rent prices are also expected to increase, potentially reaching an average of $750-$800 per month by 2029, assuming continued economic growth and demand for rental properties in the area.
In summary, zip code 17921 has experienced a notable increase in homeownership rates and average home prices from 2019 to 2024, despite rising interest rates in recent years. The rental market has shown more volatility, with fluctuating prices and a decreasing renter population. The coming years are likely to see continued growth in both home prices and rents, though the pace may be moderated by higher interest rates and broader economic factors.
