Loading Content...
Zip Code 18222: Rising Home Values and Shifting Ownership in Beech Mountain Lakes, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 18222, located in Beech Mountain Lakes, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 18222 has shown a significant upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 87%, steadily increasing to reach a peak of 92% in 2017 and 2020. However, there was a slight decrease to 87% in 2022. Concurrently, average home prices have experienced substantial growth. In 2013, the average home price was $169,895, which rose to $253,000 by 2022, representing a 49% increase over this period. This positive correlation between homeownership rates and average home prices suggests a strong demand for housing in the area, potentially driven by its desirable location or local economic factors.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 18222. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the high homeownership rates observed during this time, as it made mortgages more affordable for potential buyers. The slight dip in homeownership in 2022 to 87% coincided with a rise in interest rates to 1.68%, potentially making home purchases less accessible for some buyers.
Renter percentages in zip code 18222 have inversely mirrored the homeownership trends, declining from 11% in 2013 to 8% in 2020, before rising to 13% in 2022. Interestingly, average rent prices have shown a general downward trend despite these fluctuations. In 2013, the average rent was $1,645, which decreased to $940 by 2022, a 43% reduction. This decline in rent prices, coupled with the area's growing population (from 9,455 in 2013 to 9,658 in 2022), suggests a complex interplay of factors affecting the rental market, possibly including an increase in housing supply or changes in local economic conditions.
As of 2024, the average home price in zip code 18222 has risen to $275,140, continuing the upward trend observed in previous years. This represents a 9% increase from the 2022 average price of $253,000. The current federal interest rate stands at 5.33%, significantly higher than the rates seen in the early 2020s. This higher interest rate environment may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 18222 over the next five years. Assuming a conservative annual growth rate of 5%, average home prices could potentially reach around $351,000 by 2029. Rent prices, which have been declining, may stabilize or see modest increases as the market adjusts to changing economic conditions. A projected 2% annual increase in rent prices could bring the average rent to approximately $1,040 by 2029.
In summary, zip code 18222 has demonstrated a strong trend towards homeownership, with consistently high rates above 87% since 2013. The area has seen substantial appreciation in average home values, rising nearly 50% from 2013 to 2022, with further increases observed in 2023 and 2024. Despite fluctuations in the rental market, the overall trajectory suggests a robust housing market with potential for continued growth in both home values and ownership rates, tempered by the evolving interest rate environment.
