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Zip Code 18252: Rising Home Values and Strong Ownership Trends in Tamaqua, 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 18252, located in Tamaqua, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 11,835 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 18252 has shown a generally increasing trend, particularly in recent years. In 2013, the homeownership rate was 67%, and by 2022, it had risen to 73%, indicating a significant increase in property ownership. This upward trend in homeownership coincides with changes in average home prices. In 2013, the average home price was $67,877, and it experienced a substantial increase to $110,527 by 2022, representing a 62.8% rise over this period.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow expected patterns. As interest rates remained historically low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates generally increased. This trend is consistent with the idea that lower interest rates make mortgages more affordable, encouraging home buying. The most significant jump in homeownership occurred between 2021 and 2022, rising from 71% to 73%, despite a slight increase in interest rates to 1.68% in 2022.
Renter percentages and average rent prices in zip code 18252 have shown an inverse relationship to homeownership trends. As homeownership increased, the percentage of renters decreased from 33% in 2013 to 27% in 2022. Despite this decrease in renter population, average rent prices have generally increased. In 2013, the average rent was $643, rising to $693 by 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $776, before decreasing slightly in 2022.
In 2023 and 2024, the housing market in zip code 18252 continued to evolve. The average home price rose to $119,002 in 2023 and further increased to $130,983 in 2024, representing a substantial 18.5% increase over two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make borrowing more expensive, yet home prices in this area continued to appreciate, suggesting strong local demand or other market factors influencing prices.
Looking ahead, based on the trends observed, we can project continued growth in average home prices for zip code 18252 over the next five years. If the current trajectory holds, average home prices could potentially reach around $160,000 to $170,000 by 2029. Average rent prices, which have shown more variability, might stabilize or see moderate increases, potentially reaching $800 to $850 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 18252 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. The area has shown resilience in its housing market, with home prices continuing to appreciate even in the face of rising interest rates. The inverse relationship between homeownership and rental rates, coupled with the overall increase in both home prices and rents, suggests a dynamic and evolving housing market in this Pennsylvania borough.
