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Zip Code 18083: Rising Home Values and Ownership in Stockertown, Pennsylvania
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 18083, located in Stockertown, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This small community, with a population of 731 in 2022, has seen a notable shift towards increased homeownership and rising property values.
The ownership percentage in zip code 18083 has shown a strong upward trend, increasing from 75% in 2013 to 87% in 2022. This substantial rise in homeownership coincides with a significant increase in average home prices. In 2014, the average home price was $166,732, which steadily climbed to $267,029 by 2022, representing a 60% increase over eight years. This correlation suggests that as property values appreciated, more residents were motivated to invest in homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 18083. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial increase in homeownership from 75% to 81%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership continued to grow, reaching 84% in 2019. This trend suggests that residents were keen to secure mortgages before rates increased further, driving homeownership to its peak of 87% by 2022.
While homeownership rates increased, the percentage of renters in zip code 18083 decreased from 25% in 2013 to 13% in 2022. Despite this decline, average rent prices showed an upward trend, rising from $1,003 in 2013 to $1,108 in 2022. This increase in rent prices, coupled with the decreasing renter population, indicates a tightening rental market, possibly due to a reduced supply of rental properties as more homes transitioned to owner-occupied status.
In 2023, the average home price in zip code 18083 reached $281,450, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $300,964, while interest rates slightly rose to 5.33%. These figures represent a continuation of the upward trend in property values, despite higher interest rates potentially impacting affordability.
Looking ahead, predictive models suggest that average home prices in zip code 18083 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the limited supply of rental properties and overall housing market appreciation.
In summary, zip code 18083 has experienced a significant shift towards homeownership, with rates increasing from 75% to 87% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, rising from $166,732 in 2014 to $300,964 in 2024. The interplay between federal interest rates, property values, and the decreasing rental market has shaped a dynamic housing landscape in this Pennsylvania community, with expectations of continued growth in both home prices and rent in the coming years.
