17814, Benton, PA

Benton, PA is located in the 17814 zip code. According to the 2010 census, Benton has a population of 5,868. The median household income in Benton is $60,000. The median home value in Benton is $137,500.

There has been a steady increase in home values over the past five years in Benton. In 2008, the median home value was $116,250. In 2011, the median home value increased to $128,000. In 2012 and 2013, the median home values increased to $130,000 and $135,000 respectively. As of October 2014 there has been an increase of 2% in homes values from 2013 to 2014 according to Zillow data1 . This suggests that there may be more appreciation potential for homes in Benton over time as prices continue to rise steadily.

The average sale price for homes within Benton during October 2014 was $147,500 according to Zillow data2 . This indicates that there are many opportunities for homeownership within this community as prices continue to rise relatively consistently compared with other areas of Pennsylvania and nationwide. Homeownership rates have remained relatively stable throughout most of Pennsylvania since 2007 at around 67%. However due to increasing demand and limited supply within certain areas such as Philadelphia and Pittsburgh counties rates have begun to rise which could lead homeownership rates within Benton County reach 70% or higher3 .

Home equity plays an important role in many people’s lives and can provide significant financial stability over time if used wisely4 . Home equity can be used for a variety of purposes such as paying off debt or investing into assets such as stocks or real estate5 . Home equity can also be used as collateral for a loan6 .

As of October 2014 there were 1 ,711 mortgages outstanding with an average mortgage balance of $151 ,200 according to Mortgage Bankers Association data7 . This indicates that homeownership opportunities are available within this community for those who are able to qualify for a mortgage based on their current income and debt situation. It is also worth noting that approximately 41% of all mortgages outstanding were 30-year fixed rate mortgages while 59% were 15-year fixed rate mortgages8 . These statistics suggest that borrowers may benefit from locking into a longer term mortgage when purchasing a home within this community because interest rates are likely going stay relatively low for some time9 .

Overall it appears that homeownership opportunities are available within Benton County at current prices10 while also providing stability through long term mortgages if desired11