Loading Content...
Zip Code 18301: Rising Home Values and Ownership Trends in East Stroudsburg's Pocono Mountain Region
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Stroudsburg, Pennsylvania, zip code 18301, is a diverse community nestled in the Pocono Mountains. This area has experienced fluctuating homeownership rates and significant changes in average home and rent prices over the past decade. The interplay between these factors provides insight into the local real estate market dynamics and economic conditions.
The homeownership rate in zip code 18301 has shown slight variations over the years. In 2013, the homeownership rate stood at 70%. It peaked at 72% in 2014 before gradually declining to 67% in 2019. However, there has been a recent uptick, with the rate reaching 71% in 2022. Interestingly, these changes in homeownership rates have coincided with substantial movements in average home prices. The average home price in the area dropped from $187,864 in 2010 to a low of $149,188 in 2016, representing a 20.6% decrease. Since then, prices have rebounded dramatically, reaching $289,639 in 2022, a 94.1% increase from the 2016 low.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, the homeownership rate maintained relatively high levels between 70% and 72%. However, as interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, the homeownership rate experienced a slight decline to 67%. The subsequent drop in interest rates to 0.08% in 2021 coincided with a rebound in homeownership to 69%, further illustrating this relationship.
Renter percentages in zip code 18301 have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 28% in 2014 to a peak of 33% in 2019, before declining to 29% in 2022. Average rent prices have generally trended upward during this period, rising from $1,138 in 2013 to $1,250 in 2022, an increase of 9.8%. It's worth noting that despite fluctuations in the renter population, rent prices have remained relatively stable, suggesting a balanced rental market in the area.
As of 2024, the average home price in zip code 18301 has reached $308,075, representing a 6.3% increase from the 2022 figure. This continued upward trend in home prices is occurring despite a significant increase in federal interest rates, which stood at 5.33% in 2024. The 2023 average home price was $297,206, indicating a steady year-over-year appreciation in property values.
Looking ahead, predictive models suggest that average home prices in zip code 18301 may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, driven by ongoing demand for rental properties in the area. However, the rate of increase for both home prices and rents may be tempered by broader economic factors and local market conditions.
In summary, zip code 18301 has experienced a notable recovery and growth in its housing market since 2016, with average home prices nearly doubling and homeownership rates rebounding. The area has maintained a relatively stable rental market, with gradual increases in average rent prices. The interplay between interest rates, homeownership, and property values continues to shape the local real estate landscape, with recent trends pointing towards sustained growth in both the ownership and rental sectors.
