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Zip Code 18411: Rising Home Values and Shifting Ownership Trends in Chinchilla, 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 18411, located in Chinchilla, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 22,173 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 18411 has remained relatively stable, with slight variations over the years. In 2013, the ownership rate stood at 82%, and by 2022, it had decreased slightly to 79%. During this period, average home prices in the area showed a significant upward trend. In 2013, the average home price was $183,268, which steadily increased to $279,810 by 2022, representing a substantial 52.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained high, between 80% and 82%. As interest rates began to rise more significantly from 2017 onwards, there was a slight decline in homeownership rates, reaching 79% by 2022 when the federal interest rate was 1.68%.
Renter percentages in zip code 18411 have shown a slight increase, moving from 18% in 2013 to 21% in 2022. This trend coincides with changes in average rent prices. In 2013, the average rent was $912, which increased to $1,097 by 2021, representing a 20.3% increase. However, there was a notable decrease in 2022, with the average rent dropping to $917. This fluctuation in rent prices, particularly the sharp decrease in 2022, could be attributed to various factors including changes in local housing supply or economic conditions affecting the area.
In 2023 and 2024, the housing market in zip code 18411 continued its upward trajectory. The average home price in 2023 reached $293,336, a 4.8% increase from 2022. In 2024, it further increased to $303,395, showing a 3.4% growth from the previous year. This growth occurred despite significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or other favorable market conditions in the area.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 18411 could potentially reach around $350,000 to $375,000 by 2029. Rent prices, which have shown more volatility, might stabilize and gradually increase, potentially reaching an average of $1,200 to $1,300 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 18411 has demonstrated a robust housing market with steadily increasing home values over the past decade, despite slight decreases in homeownership rates. The rental market has shown more variability, with recent drops in average rent prices contrasting with the overall upward trend in home values. The area's resilience in maintaining property value growth, even in the face of rising interest rates, suggests a strong local real estate market with potential for continued appreciation in the coming years.
