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Zip Code 18444: Rising Home Values and Stable Ownership in Moscow, PA
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 18444, located in Moscow, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area, characterized by its suburban setting, has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices.
The homeownership rate in zip code 18444 has remained relatively stable, albeit with slight variations. In 2013, the area boasted an 85% homeownership rate, which held steady until 2017. From 2018 to 2022, there was a minor decline, with homeownership rates fluctuating between 83% and 84%. This slight decrease coincided with a substantial increase in average home prices. In 2013, the average home price was $139,150, which steadily rose to $239,466 by 2022, representing a remarkable 72% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 18444. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the high homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
The rental market in zip code 18444 has also seen significant changes. The percentage of renters increased from 15% in 2013 to 16% in 2022, with a peak of 17% in 2021. This increase in renters coincided with a rise in average rent prices. In 2013, the average rent was $865, which increased to $907 by 2022, representing a 4.9% increase. Notably, there was a significant spike in average rent in 2017, reaching $1,195, before moderating in subsequent years. The population growth from 13,672 in 2013 to 13,786 in 2022 may have contributed to the overall upward pressure on rent prices.
In 2023 and 2024, the housing market in zip code 18444 continued its upward trajectory. The average home price reached $258,658 in 2023 and further increased to $274,176 in 2024, representing a 14.5% increase over just two years. This surge occurred despite a significant rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent prices over the next five years. Average home prices could potentially reach around $320,000 by 2029, assuming a continuation of the current growth rate. Average rent prices might increase to approximately $1,100 per month in the same timeframe, factoring in historical fluctuations and the recent upward trend.
In summary, zip code 18444 has demonstrated a robust housing market with steadily increasing average home prices, despite minor fluctuations in homeownership rates. The rental market has shown more volatility in pricing but maintains a consistent share of the overall housing landscape. The area's ability to sustain rising home prices even in the face of increasing interest rates suggests a strong local economy and desirable living conditions, which are likely to continue influencing the housing market in the coming years.
