Loading Content...
Zip Code 18452: Rising Home Values and Stable Ownership in Blakely, PA
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 18452, located in Blakely, Pennsylvania, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This small community, with a population of 4,622 in 2022, has shown resilience in maintaining a relatively high percentage of owner-occupied housing units despite varying economic conditions.
The homeownership rate in zip code 18452 has remained relatively stable, with slight fluctuations between 69% and 74% from 2013 to 2022. During this period, average home prices have shown a general upward trend. In 2013, the average home price was $113,119, which increased to $176,589 by 2022, representing a 56% increase over nine years. Notably, there was a significant jump in average home prices between 2020 and 2022, with prices rising from $140,713 to $176,589, a 25.5% increase in just two years.
Federal interest rates appear to have influenced homeownership rates in the area. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in zip code 18452 reached their highest levels of 74% in 2020 and 73% in 2021. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 18452 have inversely mirrored homeownership rates, ranging from 26% to 31% between 2013 and 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $813, which decreased to $727 in 2017 before rising again to $853 in 2022. This represents a modest 4.9% increase in average rent over the nine-year period. The population has remained relatively stable during this time, suggesting that changes in rent prices may be more influenced by local economic factors rather than significant population shifts.
In 2023 and 2024, average home prices in zip code 18452 continued their upward trajectory, reaching $194,879 in 2023 and $203,351 in 2024. This represents a substantial 15.2% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 18452 may continue to rise over the next five years, potentially reaching around $230,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $900 per month within the same timeframe. These projections are based on historical trends and current economic indicators.
In summary, zip code 18452 has maintained a strong homeownership base despite fluctuations in the housing market. The area has seen significant growth in average home prices, particularly in recent years, while rent prices have increased more modestly. The relationship between federal interest rates and homeownership rates is evident, with lower rates correlating to higher homeownership percentages. As the community moves forward, it will likely continue to see rising property values and rental costs, potentially impacting the balance between homeowners and renters in the coming years.
