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Zip Code 18708: Rising Home Values and Ownership Trends in Chase, 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
Zip code 18708, located in Chase, Pennsylvania, presents an interesting case study in housing trends over the past decade. This area has seen significant fluctuations in homeownership rates and property values, reflecting broader economic shifts and local market dynamics. The homeownership rate in zip code 18708 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 82%, and by 2022, it had increased slightly to 83%. During this period, average home prices in the area also saw an overall increase. In 2013, the average home price was $181,693, and by 2022, it had risen to $265,082, representing a substantial 45.9% increase over the decade.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates fluctuated between 79% and 82%. When interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates actually increased, reaching 87% in 2018 and 2020. This suggests that local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in zip code 18708 have fluctuated over the years, showing an inverse relationship with homeownership rates. In 2013, the renter-occupied rate was 15%, and it decreased to 12% by 2018 as homeownership increased. Average rent prices have generally increased over this period, rising from $733 in 2013 to $818 in 2022, an 11.6% increase. However, rent prices have not shown a consistent year-over-year increase, with some fluctuations observed. For instance, average rent peaked at $888 in 2018 before declining in subsequent years.
Looking at the most recent data, the average home price in zip code 18708 reached $268,593 in 2023 and further increased to $279,376 in 2024. This represents a 4% increase from 2023 to 2024, indicating continued growth in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18708 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $310,000 to $320,000 by 2029. For rent prices, the forecast suggests a potential increase to around $900 to $950 per month over the next five years, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 18708 has experienced a general trend of increasing homeownership rates and rising property values over the past decade. Despite fluctuations in the rental market, both average home prices and rent have shown overall growth. The area's resilience in maintaining high homeownership rates, even during periods of rising interest rates, suggests a strong local housing market. However, the recent sharp increase in interest rates may pose challenges to continued growth in homeownership and property values in the coming years.
