Loading Content...
Zip Code 18322: Rising Home Values and High Ownership Rates in Brodheadsville, 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
Brodheadsville, located in zip code 18322 in Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, with some fluctuations in recent years.
The homeownership rate in zip code 18322 has shown an overall upward trend, increasing from 77% in 2015 to 88% in 2022. This substantial rise in homeownership coincides with a dramatic increase in average home prices. In 2015, the average home price was $171,363, which steadily rose to $317,157 by 2022, representing an impressive 85% increase over seven years. This strong positive correlation between homeownership rates and average home prices suggests that despite rising costs, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 18322. The period from 2015 to 2020 saw historically low interest rates, ranging from 0.13% to 0.38%. These low rates likely contributed to the increase in homeownership, as they made mortgages more affordable for potential buyers. The homeownership rate jumped from 77% in 2015 to 85% in 2020, corresponding with the low interest rate environment.
Conversely, the renter population in zip code 18322 has decreased as homeownership rates have risen. The percentage of renters dropped from 22% in 2015 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. In 2015, the average rent was $1,068, which increased to $1,147 in 2018, before declining to $1,064 in 2022. This fluctuation in rent prices, despite a decreasing renter population, could be attributed to various factors such as changes in housing quality or local economic conditions.
Looking at the most recent data, the average home price in zip code 18322 continued to rise, reaching $325,455 in 2023 and $333,626 in 2024. This represents a 5.2% increase from 2022 to 2024, indicating a continued strong housing market in the area. Notably, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make borrowing more expensive, the housing market in this zip code appears to remain robust.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18322 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $380,000 to $400,000, assuming a moderate annual growth rate of 2.5% to 3.5%. For rent prices, we expect a more stable trajectory, with potential increases to around $1,200 to $1,300 per month by 2029, reflecting an annual growth rate of 2% to 3%.
In summary, zip code 18322 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 continued price appreciation even in the face of rising interest rates. While the renter population has decreased, rent prices have remained relatively stable with some fluctuations. The coming years are likely to see continued growth in home values, albeit potentially at a more moderate pace, while rent prices are expected to see gradual increases.
