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Zip Code 18707: Steady Homeownership Amidst Rising Home Values in Mountain Top, Pennsylvania
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
Mountain Top, located in zip code 18707 in Pennsylvania, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area, known for its scenic views and suburban charm, has maintained a high rate of homeownership while navigating fluctuating market conditions.
The homeownership rate in Mountain Top has remained consistently high, ranging from 89% to 92% between 2013 and 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $194,840, which grew to $282,754 by 2022, representing a 45% increase over nine years. The most significant jump occurred between 2020 and 2021, with average home prices rising from $228,983 to $257,411, a 12.4% increase in just one year.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, interest rates remained low (0.11% to 0.13%), corresponding with homeownership rates of 89-90%. As interest rates began to rise in 2016 (0.40%) and continued upward to 2.16% in 2019, homeownership actually increased slightly to 92%. This suggests that other factors, such as local economic conditions or housing supply, may have had a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in Mountain Top have fluctuated between 8% and 11% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $559, which increased dramatically to $1,258 in 2018, a 125% rise. However, rent prices then declined to $891 in 2022, a 29% decrease from the 2018 peak. This volatility in rent prices doesn't appear to have a strong correlation with the relatively stable renter percentages, suggesting that local rental market dynamics may be influenced by factors beyond supply and demand, such as changes in housing quality or local regulations.
In 2023 and 2024, the housing market in Mountain Top continued its upward trajectory. The average home price reached $287,973 in 2023 and further increased to $307,485 in 2024, representing a 6.8% year-over-year growth. This growth occurred despite the sharp rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply.
Looking ahead, predictive models suggest that average home prices in Mountain Top may continue to rise over the next five years, potentially reaching around $350,000 by 2029 if current trends persist. However, the rate of increase may slow down due to higher interest rates. Average rent prices are expected to stabilize and potentially see moderate increases, possibly reaching $1,000-$1,100 per month by 2029, assuming economic conditions remain favorable and housing supply keeps pace with population growth.
In summary, Mountain Top (18707) has maintained a robust housing market characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in average rent prices and rising interest rates, the area has demonstrated resilience in its housing sector. The continued upward trend in home prices, even in the face of higher interest rates, suggests a strong local real estate market with potential for further growth in the coming years.
