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Zip Code 18072: Rising Home Values and Ownership in Pen Argyl's Former Slate Industry Hub
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 18072, located in Pen Argyl, Pennsylvania, has shown interesting trends in homeownership and housing market dynamics over the past decade. This area has experienced fluctuations in both ownership percentages and average home prices, reflecting broader economic shifts and local market conditions. The homeownership rate in zip code 18072 has demonstrated a generally upward trend from 2013 to 2022. In 2013, the ownership rate stood at 71%, and by 2022, it had increased to 73%. This overall increase suggests a growing preference for homeownership in the area. Concurrently, average home prices have shown significant growth. In 2013, the average home price was $152,900, and by 2022, it had risen to $241,141, representing a substantial increase of 57.7% over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2016, when interest rates were particularly low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, fluctuating between 68% and 71%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased, reaching 72% by 2019. This trend continued into 2020 and 2021, with homeownership rates peaking at 75% in 2021 despite the fluctuations in interest rates during this period.
Regarding rental trends, the percentage of renters in zip code 18072 has generally decreased from 2013 to 2022, moving from 29% to 26%. However, average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $1,094, and by 2022, it had increased to $1,112, with some fluctuations in between. The peak average rent was observed in 2021 at $1,240, coinciding with the lowest renter percentage of 25%.
In 2023 and 2024, the housing market in zip code 18072 continued to evolve. The average home price in 2023 reached $255,439, a 5.9% increase from 2022. In 2024, it further rose to $270,554, showing a 5.9% increase from 2023. Notably, these price increases occurred despite significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the observed trends, we can forecast potential market movements for the next five years. Average home prices are likely to continue their upward trajectory, potentially reaching around $320,000 by 2029, assuming a consistent growth rate similar to recent years. Average rent prices may also continue to rise, potentially reaching approximately $1,300 by 2029, although this increase may be more moderate compared to home prices.
In summary, zip code 18072 has experienced a trend towards increased homeownership, with rising average home prices over the past decade. Despite fluctuations in federal interest rates, the area has maintained a strong homeownership rate. Rental rates have generally decreased, while average rent prices have shown moderate growth. The recent years of 2023 and 2024 have continued to see robust growth in home prices, even in the face of higher interest rates, indicating strong demand in this housing market.
