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Zip Code 18091: Rising Home Values and Shifting Ownership Patterns in Wind Gap, 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 18091, encompassing Wind Gap in Pennsylvania, presents an interesting case study of housing trends in a small, suburban community. This area has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic changes and local market dynamics.
The homeownership rate in zip code 18091 has shown a gradual decline from 2013 to 2022. In 2013, 73% of residents were homeowners, but by 2022, this figure had decreased to 68%. Concurrently, average home prices have demonstrated a significant upward trend. In 2013, the average home price was $184,204, which steadily increased to $300,400 by 2022, representing a substantial 63% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 71-73%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a gradual decline, dropping to 68% by 2022.
Renter percentages in zip code 18091 have increased from 27% in 2013 to 32% in 2022, mirroring the decline in homeownership. Average rent prices have fluctuated over this period but generally trended upward. In 2013, the average rent was $1,056, which increased to $1,181 by 2016. After some fluctuations, it reached $1,034 in 2022. The population growth from 6,196 in 2013 to 7,192 in 2022 may have contributed to the increased demand for rental properties.
In 2023, the average home price in zip code 18091 reached $313,199, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $329,089, while interest rates slightly rose to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 18091 may continue to rise over the next five years, potentially reaching around $375,000 by 2029. Average rent prices are also expected to increase, possibly exceeding $1,300 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 18091 has experienced a gradual shift towards renting, with homeownership rates decreasing from 73% to 68% between 2013 and 2022. Despite this trend, average home prices have shown substantial growth, increasing by 63% over the same period. The area has also seen population growth, which may be driving demand for both owned and rented properties. The recent uptick in interest rates, coupled with rising home prices, suggests a competitive and dynamic housing market in this Pennsylvania community.
