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Zip Code 18034: Rising Home Values and High Ownership Rates in DeSales University
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
DeSales University, located in zip code 18034 in Pennsylvania, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a slight increase in recent years, while average home prices have shown significant growth.
The homeownership rate in zip code 18034 has remained relatively stable, with a slight upward trend in recent years. In 2013, the homeownership rate was 88%, which increased to 91% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $299,426, which steadily climbed to $461,526 by 2022, representing a 54% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 86-89%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased to 91%, suggesting that other local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
The rental market in zip code 18034 has shown some fluctuation over the years. The percentage of renter-occupied housing units decreased from 14% in 2015 to 9% in 2022. Despite this decrease in the renter population, average rent prices have shown volatility. In 2013, the average rent was $1,492, which peaked at $2,206 in 2017 before decreasing to $1,796 in 2022. This trend suggests that factors beyond simple supply and demand, such as local economic conditions or changes in the quality of rental properties, may be influencing rent prices in the area.
Looking at the most recent data, the average home price in zip code 18034 reached $488,071 in 2023 and further increased to $510,743 in 2024. This represents a significant jump from the 2022 average of $461,526, indicating a continued strong growth in property values. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18034 will continue to rise, albeit potentially at a slower rate due to higher interest rates. The strong homeownership base and consistent population growth suggest a continued demand for housing. Average rent prices are expected to stabilize or show moderate increases as the rental market adjusts to the high homeownership rates in the area.
In summary, zip code 18034 has demonstrated a robust housing market characterized by high and increasing homeownership rates, significant growth in average home prices, and a relatively small but fluctuating rental market. The area has shown resilience to national trends, with local factors appearing to play a significant role in shaping its housing landscape. The continued rise in property values, even in the face of increasing interest rates, suggests a strong underlying demand for housing in this Pennsylvania community.
