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Zip Code 18058: Effort'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 18058, corresponding to Effort in Pennsylvania, presents an intriguing case study of housing market dynamics in a small, rural community. This area has experienced fluctuating homeownership rates and notable changes in average home and rent prices over the past decade.
The homeownership rate in zip code 18058 has remained relatively stable, hovering around 85-86% for most of the observed period. However, there have been some fluctuations, with the rate reaching a peak of 90% in 2017 and dropping to its lowest point of 83% in 2019. Despite these variations, the overall trend suggests a strong preference for homeownership in this community. Average home prices in the area have shown a consistent upward trajectory, particularly in recent years. In 2010, the average home price was $146,860, which remained relatively stable until 2016. From 2017 onwards, there was a significant acceleration in price growth, with the average home price reaching $268,611 in 2022, representing an impressive 83% increase over 2010 prices.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow a clear pattern. For instance, despite historically low interest rates between 2010 and 2016 (ranging from 0.08% to 0.4%), homeownership rates remained relatively stable. However, the slight dip in homeownership to 83% in 2019 coincided with a period of higher interest rates (2.16%), which aligns with the general trend of higher interest rates potentially discouraging home purchases.
Renter percentages in zip code 18058 have shown slight fluctuations, generally ranging between 13% and 17% of the population. The average rent prices have exhibited some volatility over the years. In 2013, the average rent was $1,287, which decreased to $1,105 in 2019, before rising again to $1,196 in 2022. Interestingly, the highest percentage of renters (17%) was observed in 2019 when average rent prices were at their lowest point in the available data. This could suggest that lower rent prices may have attracted more renters to the area.
Looking at the most recent data, the average home price in zip code 18058 continued its upward trend, reaching $276,654 in 2023 and further increasing to $285,665 in 2024. This represents a 6.3% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, average home prices in this area have continued to appreciate.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 18058 to continue their upward trajectory, albeit potentially at a slower rate due to the current high interest rate environment. By 2029, average home prices could potentially reach the $320,000 to $350,000 range. Average rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching around $1,300 to $1,400 per month by 2029.
In summary, zip code 18058 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite fluctuations in the housing market. The area has experienced significant appreciation in average home values, particularly since 2017, which has continued even in the face of rising interest rates. Rental markets have shown more volatility, with rent prices and renter percentages not always moving in tandem. These trends suggest a resilient housing market in this Pennsylvania community, with continued growth potential in both home values and rental prices over the next five years.
