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Zip Code 18327: Rising Home Values and Ownership Rates in Delaware Water Gap
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 18327, located in Delaware Water Gap, Pennsylvania, is a small community with a population of just 42 residents as of 2022. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The ownership percentage has shown an overall upward trend, while average home prices have seen substantial growth, particularly in recent years. Average rent prices, on the other hand, have displayed a more volatile pattern.
The relationship between homeownership rates and average home prices in zip code 18327 reveals an interesting dynamic. In 2013, the homeownership rate was 60%, with an average home price of $162,303. As average home prices declined to $155,624 in 2016, the homeownership rate slightly decreased to 57%. However, from 2016 onwards, there was a notable positive correlation between rising home prices and increasing homeownership rates. By 2022, the homeownership rate had climbed to 75%, coinciding with a significant jump in average home prices to $283,202, representing an 82% increase from 2016.
Federal interest rates have played a role in shaping homeownership trends in this area. The period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), which may have contributed to the stability in homeownership rates during this time. As interest rates began to rise more significantly from 2016 (0.4%) to 2019 (2.16%), homeownership rates in the zip code actually increased from 57% to 69%. This trend suggests that local factors may have had a stronger influence on homeownership decisions than national interest rates in this particular market.
Renter percentages and average rent prices in zip code 18327 have shown some correlation, but with notable exceptions. In 2013, the renter-occupied percentage was 35%, with an average rent of $1,102. As the renter percentage increased to 45% in 2014, average rent slightly decreased to $1,087. The renter percentage then fluctuated between 40% and 43% from 2015 to 2017, while average rent prices ranged from $1,018 to $1,077. Interestingly, as the renter percentage dropped significantly to 27% in 2018, average rent increased to $1,125. This inverse relationship continued through 2019, with renter percentage at 31% and average rent reaching $1,138. By 2022, the renter percentage had decreased further to 25%, coinciding with a drop in average rent to $995.
Looking at the most recent data, average home prices in zip code 18327 continued to rise, reaching $293,452 in 2023 and $302,649 in 2024. This represents a 7% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, the upward trajectory of home prices suggests continued demand in this market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18327 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $350,000 by 2029. For rent prices, the forecast suggests a potential stabilization or slight increase, with average rents potentially reaching around $1,100 to $1,200 per month by 2029.
In summary, zip code 18327 has demonstrated a strong trend towards increased homeownership, with rates rising from 60% in 2013 to 75% in 2022. This has occurred alongside significant growth in average home prices, which more than doubled from $155,624 in 2016 to $302,649 in 2024. The rental market has shown more volatility, with decreasing renter percentages and fluctuating rent prices. The resilience of the housing market in the face of rising interest rates suggests strong local demand. Looking ahead, we expect continued growth in home prices and a potential stabilization in the rental market, reflecting the area's evolving housing landscape.
