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Zip Code 18617: Glen Lyon's Surging Home Values and Shifting Ownership Rates
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
Glen Lyon, located in zip code 18617 in Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This small community has shown resilience in the face of economic fluctuations, with notable shifts in its residential landscape.
The ownership percentage in Glen Lyon has seen a substantial increase from 2013 to 2022. In 2013, the homeownership rate was 47%, but by 2022, it had risen to 58%. This 11 percentage point increase indicates a growing trend towards homeownership in the area. Concurrently, average home prices have shown a steady upward trajectory. In 2013, the average home price was $40,468, and by 2022, it had more than doubled to $84,460. This significant appreciation in home values likely contributed to the increased attractiveness of homeownership as a long-term investment.
Federal interest rates have played a crucial role in shaping homeownership trends in Glen Lyon. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely fueled the increase in homeownership, making mortgage financing more accessible and affordable for residents. The sharp rise in homeownership from 47% in 2013 to 63% in 2018 coincides with this period of low interest rates, suggesting a strong correlation between the two factors.
Renter percentages in Glen Lyon have inversely mirrored the homeownership trend, decreasing from 53% in 2013 to 42% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $912, which decreased to $681 in 2017, but then rose again to $794 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by various factors, including local economic conditions and housing supply.
The years 2023 and 2024 have seen continued growth in average home prices in Glen Lyon. In 2023, the average home price reached $97,514, and in 2024, it further increased to $102,378. This represents a 21% increase from 2022 to 2024, indicating a robust housing market. However, it's important to note that federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in Glen Lyon will continue to rise over the next five years, albeit at a more moderate pace. The average home price is projected to reach approximately $120,000 by 2029. Rent prices are expected to stabilize and show modest growth, potentially reaching an average of $850 per month by 2029. These predictions take into account historical trends, current market conditions, and the potential impact of higher interest rates on housing demand.
In summary, Glen Lyon has experienced a significant shift towards homeownership over the past decade, accompanied by substantial appreciation in home values. The interplay between low interest rates and increasing home prices has been a key driver of this trend. While the rental market has shown some volatility, the overall trajectory points towards a community with a growing proportion of homeowners and steadily increasing property values.
