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Zip Code 18644: Average Home Values and Ownership in West Wyoming, 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 18644, located in West Wyoming, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively stable population, with a slight increase from 8,001 in 2019 to 8,512 in 2022. The ownership percentage has fluctuated between 72% and 76%, while average home prices have shown a consistent upward trend.
The relationship between homeownership rates and average home prices in zip code 18644 reveals some interesting patterns. In 2013, when the ownership rate was 75%, the average home price was $132,407. As home prices gradually increased, reaching $146,712 in 2019, the ownership rate remained steady at 75%. However, a notable shift occurred in 2020 when the ownership rate dropped to 72% while average home prices jumped to $155,103. This trend reversed in 2022, with ownership rates climbing back to 76% despite a significant increase in average home prices to $195,846.
Federal interest rates have played a role in homeownership trends in this area. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained high at 75-76%. As interest rates began to rise in 2016 (0.4%) and continued upward to 2.16% in 2019, homeownership rates showed slight fluctuations but generally remained strong. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a temporary dip in homeownership to 72-73%, possibly due to economic uncertainty during the pandemic.
Renter percentages and average rent prices in zip code 18644 have shown some correlation. In 2013, with 25% of residents renting, the average rent was $784. As the renter percentage increased slightly to 26% in 2014, average rent rose to $821. Interestingly, when the renter percentage dropped to 23% in 2015, average rent decreased to $760. The renter percentage has since fluctuated between 24% and 28%, with average rent prices generally declining from $790 in 2017 to $737 in 2022, despite a growing population.
In 2023, the average home price in zip code 18644 reached $200,611, with federal interest rates at 5.02%. The upward trend continued into 2024, with average home prices climbing to $212,684 and interest rates further increasing to 5.33%. These figures indicate a robust housing market despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 18644 may continue to rise over the next five years, potentially reaching around $250,000 by 2029. However, this growth rate may slow compared to the rapid increases seen in recent years. Average rent prices, which have been on a slight downward trend, may stabilize or see modest increases, potentially reaching around $780-$800 by 2029.
In summary, zip code 18644 has demonstrated resilience in its housing market, with consistently high homeownership rates despite rising home prices. The area has weathered fluctuations in federal interest rates while maintaining a strong preference for homeownership. The rental market has shown more variability, with recent trends favoring slightly lower rents. As the population continues to grow, the interplay between homeownership rates, home prices, and rental trends will likely continue to shape the housing landscape in this Pennsylvania borough.
