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Zip Code 18036: Rising Home Values and Shifting Ownership Trends in Coopersburg, 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
Coopersburg, situated in zip code 18036 in Pennsylvania, has undergone significant changes in its housing market over the past decade. This area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Coopersburg has shown a slight decline over the years, decreasing from 89% in 2013 to 85% in 2022. This trend coincides with an overall increase in average home prices. In 2013, the average home price was $256,694, which steadily rose to $407,652 by 2022, representing a substantial 58.8% increase over this period. The relationship between homeownership rates and average home prices suggests that as housing became more expensive, it may have become less accessible for some potential buyers, leading to a slight decrease in homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in Coopersburg. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, fluctuating between 89% and 84%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a stabilization in homeownership rates at around 84-85%. This suggests that while rising interest rates might have deterred some potential buyers, other factors such as local economic conditions and housing supply also influenced homeownership trends.
The renter population in Coopersburg has seen a slight increase, rising from 11% in 2013 to 15% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,324, which peaked at $1,370 in 2017 before declining to $1,241 in 2022. This represents a 6.3% decrease in average rent from 2013 to 2022, despite the increase in the renter population. The population growth from 13,519 in 2013 to 15,511 in 2022 may have contributed to the increased demand for rentals, but other factors such as new housing developments or changes in local economic conditions could have influenced the fluctuations in rent prices.
In 2023 and 2024, the housing market in Coopersburg continued to evolve. The average home price reached $427,726 in 2023 and further increased to $448,391 in 2024, representing a 10% growth over these two years. This surge in home prices occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates typically make borrowing more expensive, yet the continued rise in home prices suggests strong demand or limited supply in the local housing market.
Looking ahead, based on historical trends and current market conditions, it is predicted that average home prices in Coopersburg will continue to rise over the next five years, albeit potentially at a slower rate due to high interest rates. Average home prices could reach approximately $500,000 by 2029. Average rent prices, which have been more volatile, may stabilize and show modest increases, potentially reaching around $1,350 to $1,400 by 2029.
In summary, Coopersburg has experienced a gradual shift towards a slightly higher proportion of renters, alongside substantial increases in average home prices. Despite fluctuations in average rent prices, the overall trend points to a housing market that has become more expensive for both buyers and renters. The resilience of home prices in the face of rising interest rates suggests a robust local housing market, likely driven by factors such as population growth and potentially limited housing supply.
