17606, Lancaster, PA

The 17606 zip code of Lancaster, PA has a median home value of $119,000 and a median home equity value of $92,000. These values are higher than the national median home value of $77,500 and the national median home equity value of $60,000. The high home values in this zip code may be due to the presence of well-off families and affluent residents. Additionally, the close proximity to major cities such as Philadelphia and Pittsburgh may also contribute to the high values in this area.

Despite the high home values in this zip code, there is evidence that homeownership rates are declining in Lancaster. In 2000, homeownership rates were at 69%. By 2016, homeownership rates had decreased to 56%. This decrease may be attributable to several factors including increased costs associated with owning a house (e.g., mortgage interest rates), an increasing preference for renting over buying over time, and stricter lending criteria imposed by banks.

Despite the decreasing homeownership rate in Lancaster, demand for homes remains high due to strong economic growth prospects in the area. In 2017 alone, there was an increase of more than 3% in housing prices across all counties within Pennsylvania according to Zillow data1 . This strong demand likely contributes to why home values continue to rise even as homeownership rates decline in Lancaster.