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Zip Code 18106: Rising Home Values and Strong Ownership in Wescosville, 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 18106, located in Wescosville, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have fluctuated.
The ownership percentage in zip code 18106 has shown some variability from 2013 to 2022. In 2013, the homeownership rate was 89%, which remained stable until 2015. However, there was a significant drop to 84% in 2016, followed by a further decrease to 83% in 2017 and 2019. Interestingly, this decline in homeownership coincided with a steady increase in average home prices. The average home price rose from $224,656 in 2013 to $273,320 in 2019, representing a 21.7% increase over this period. Despite the rising home prices, the ownership rate began to recover, reaching 88% by 2022.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low between 2013 and 2015 (ranging from 0.09% to 0.13%), homeownership rates were at their highest at 89%. When interest rates began to rise more significantly from 2016 onwards, reaching 1.83% in 2018, we observed the dip in homeownership rates to 83-84%. However, despite further increases in interest rates, homeownership rebounded to 88% by 2022, suggesting other factors were also influencing this trend.
Renter percentages in zip code 18106 have mirrored the homeownership trends, naturally increasing as homeownership decreased. The renter population rose from 11% in 2013 to a peak of 17% in 2017 and 2019, before declining to 12% in 2022. Average rent prices showed a general upward trend during this period, increasing from $1,503 in 2013 to a high of $1,964 in 2016. However, rent prices have since moderated, reaching $1,520 in 2022. This moderation in rent prices, coupled with the area's population decline from 7,827 in 2013 to 7,155 in 2022, may have contributed to the recent increase in homeownership rates.
In 2023 and 2024, the average home prices in zip code 18106 continued their upward trajectory, reaching $395,506 in 2023 and $413,044 in 2024. This represents a significant increase of 10.1% from 2022 to 2024. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen in over a decade.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 18106 over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $450,000 to $475,000 by 2029. Average rent prices may also see moderate increases, potentially reaching $1,700 to $1,800 per month in the same timeframe, assuming economic conditions remain stable and housing demand in the area persists.
In summary, zip code 18106 has demonstrated resilience in its housing market, with rebounding homeownership rates despite rising home prices. The interplay between interest rates, home prices, and rental markets has shaped the area's housing dynamics, with recent trends suggesting a stabilization in homeownership despite challenging economic factors.
