Zip Code 18433: Rising Home Values and High Ownership Rates in Archbald, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 18433, located in Archbald, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing a significant upward trend in recent years. The homeownership rate in zip code 18433 has remained relatively stable, with a slight increase over time. In 2013, the area had a 76% homeownership rate, which rose to 81% by 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $114,563, and by 2022, it had climbed to $175,986, representing a 53.6% increase over nine years.
Federal interest rates have played a role in homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in zip code 18433 increased from 76% to 77%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 81% in 2022. This suggests that other local factors may have had a stronger influence on homeownership than interest rates alone.
Renter percentages in zip code 18433 have shown a slight decrease, moving from 23% in 2013 to 19% in 2022. Despite this decrease in the renter population, average rent prices have increased substantially. In 2013, the average rent was $692, which rose to $844 by 2022, a 22% increase. This upward trend in rent prices occurred even as the population fluctuated, decreasing from 7,359 in 2013 to 7,657 in 2022.
Looking at the most recent data, average home prices in zip code 18433 continued to rise, reaching $187,319 in 2023 and $194,731 in 2024. This represents a 10.7% increase from 2022 to 2024. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18433 will continue to rise, potentially reaching around $225,000 by 2029. Average rent prices are also expected to increase, potentially approaching $950 per month in the same timeframe.
In summary, zip code 18433 has demonstrated a strong trend towards homeownership, with rates increasing despite rising home prices and interest rates. The area has seen substantial growth in both home values and rent prices, suggesting a robust local housing market. The continued upward trajectory of housing costs, coupled with high homeownership rates, indicates a desirable and potentially competitive real estate market in this Pennsylvania borough.
