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Zip Code 18350: Rising Home Values and Ownership in Pocono Pines, 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
Pocono Pines, situated in zip code 18350 in Pennsylvania, has experienced significant changes in homeownership rates and property values over the past decade. The percentage of owner-occupied homes in this area has shown a steady increase from 81% in 2013 to 94% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $232,402, which increased to $452,428 by 2022, representing a 94.7% increase over nine years. This correlation suggests that as property values appreciated, more residents chose to invest in homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in Pocono Pines. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial increase in homeownership from 81% to 83%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, reaching 94% by 2022. This suggests that other factors, such as the area's desirability and potential for investment, may have outweighed the impact of rising interest rates on homeownership decisions.
The renter population in Pocono Pines has decreased correspondingly, from 19% in 2013 to just 6% in 2022. Despite this decline, average rent prices have shown a significant upward trend. In 2013, the average rent was $683, which increased to $1,428 by 2022, a 109% increase. This substantial rise in rent prices, coupled with the decreasing percentage of renters, suggests a potential shortage of rental properties or an increase in the quality and desirability of available rentals.
Looking at the most recent data, the average home price in Pocono Pines reached $459,945 in 2023 and further increased to $466,158 in 2024. This represents a continued upward trend in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the strong housing market in this zip code appears to be maintaining its momentum.
Based on the historical data and current trends, we can project future movements in the Pocono Pines real estate market. Applying predictive models, we anticipate that average home prices will continue to rise over the next five years, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,700 per month within the same timeframe.
In summary, Pocono Pines (zip code 18350) has experienced a significant shift towards homeownership, with owner-occupancy rates rising from 81% to 94% between 2013 and 2022. This trend has been accompanied by substantial increases in both average home prices and rent values. Despite rising interest rates, the area's real estate market has shown resilience, with continued growth in property values. These trends suggest that Pocono Pines remains an attractive location for homeowners and investors, with potential for further appreciation in both the ownership and rental markets in the coming years.
