Conversely, the percentage of renters in zip code 18634 decreased from 40% in 2013 to 36% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, albeit with some fluctuations. The average rent increased from $738 in 2013 to $772 in 2016, then decreased to $712 in 2020 before rising again to $705 in 2022. These fluctuations in rent prices occurred against a backdrop of relatively stable population figures, suggesting that other factors, such as local economic conditions or housing supply, may have influenced rental costs.

Looking at the most recent data, the average home price in zip code 18634 continued its upward trajectory, reaching $124,234 in 2023 and further increasing to $130,334 in 2024. This represents a 10% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which is the highest level since 2007.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18634 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, the average home price could reach approximately $150,000 to $160,000. For rent prices, we expect a moderate increase, with average rents potentially reaching $750 to $800 per month by 2029.

In summary, zip code 18634 has experienced a steady increase in homeownership rates over the past decade, coupled with significant growth in average home prices. The area has shown resilience in its housing market, with property values continuing to rise even in the face of increasing interest rates. The rental market, while showing some fluctuations, has remained relatively stable. These trends suggest a growing preference for homeownership in the area, possibly driven by long-term investment considerations and the historical low interest rates of the past decade.