Conversely, the percentage of renters in zip code 18456 has decreased over time, from 23% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $721, and by 2022, it had increased to $986, representing a 37% rise. This increase in rent prices, coupled with a decreasing renter population, suggests a potential shortage of rental properties or an increase in the quality of available rentals.

Looking at the most recent data, the average home price in zip code 18456 for 2023 was $253,221, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $262,116, indicating a renewed upward trend. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and property values in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18456 will continue to rise, albeit at a more moderate pace. The recent increase in interest rates may slow down the rate of price appreciation. We project that by 2029, average home prices could reach approximately $300,000 to $320,000. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $1,100 to $1,200 per month by 2029.

In summary, zip code 18456 has experienced a significant increase in homeownership rates and property values over the past decade. The community has seen a 5% increase in homeownership since 2013, coupled with a 67% rise in average home prices from 2014 to 2022. Despite a decreasing renter population, rent prices have also shown substantial growth. The recent rise in interest rates and the continued increase in home prices in 2024 suggest that the local housing market remains dynamic and responsive to broader economic factors.