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Zip Code 18254: Resilient Homeownership Amid Rising Home Values in Tresckow, 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 18254, located in Tresckow, Pennsylvania, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This small community, spanning just 1.8 square miles, has seen its population vary significantly, impacting local housing dynamics.
The homeownership rate in zip code 18254 has remained relatively stable, with some variations. In 2013, the homeownership rate was 74%, increasing to 79% in 2015 and 2016. However, it dropped to 71% in 2017, before rising again to 79% in 2018. By 2022, the rate settled at 78%. Concurrently, average home prices have shown a substantial upward trend. In 2016, the average home price was $83,533, and by 2022, it had increased to $153,706, representing an impressive 84% growth over six years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were consistently low (below 0.5%), homeownership rates in the area remained high, ranging from 74% to 79%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight dip in homeownership to 71% in 2017, before recovering to 79% in 2018. This suggests that while interest rates influence homeownership, other local factors also play a significant role in this zip code.
Renter percentages have fluctuated inversely to homeownership rates, ranging from 21% to 30% between 2013 and 2022. Average rent prices have shown some volatility. In 2013, the average rent was $1,006, peaking at $1,052 in 2014 before declining to $838 in 2018. By 2022, the average rent had increased again to $968. Interestingly, the highest renter percentage (30% in 2017) coincided with a period of declining rent prices, suggesting that affordability may have attracted more renters during this time.
In 2023, the average home price in zip code 18254 reached $165,046, marking a 7.4% increase from 2022. This coincided with a significant rise in federal interest rates to 5.02%. As of 2024, the average home price has slightly decreased to $163,262, while interest rates have further increased to 5.33%. This recent trend suggests a potential cooling in the housing market, possibly due to the higher borrowing costs associated with increased interest rates.
Looking ahead, predictive models suggest a continued but modest increase in average home prices over the next five years, albeit at a slower rate than seen in recent years. Average rent prices are expected to follow a similar trend, with gradual increases. However, if interest rates remain high, we may see a shift towards renting, potentially putting upward pressure on rent prices.
In summary, zip code 18254 has demonstrated resilience in homeownership rates despite fluctuations in housing prices and interest rates. The significant increase in average home prices from 2016 to 2022, followed by a slight cooling in 2024, highlights the dynamic nature of this local housing market. The interplay between homeownership rates, rent prices, and broader economic factors will continue to shape the housing landscape in this Pennsylvania community.
