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Average Home Values and Ownership in Hyde Park's Zip Code 15641: A Decade of Growth
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
Hyde Park, located in zip code 15641 in Pennsylvania, is a small community that has experienced notable shifts in its housing landscape over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
The homeownership rate in Hyde Park has shown a general upward trend from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 68%, which increased to 73% by 2022. This overall increase in homeownership suggests a growing preference for property ownership in the area. Interestingly, the homeownership rate peaked at 81% in 2020 before slightly declining in the following years.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.4%, which likely contributed to the increased homeownership rates observed during this time. As interest rates began to rise in 2022, reaching 1.68%, we saw a slight decrease in the homeownership rate from its peak, settling at 73%.
The renter population in Hyde Park has fluctuated inversely to homeownership trends. In 2013, 30% of the population were renters, which decreased to 26% by 2022. The average rent prices have shown considerable volatility over the years. In 2013, the average rent was $669, which decreased to $561 in 2015. There was a significant drop to $231 in 2018, followed by an increase to $461 in 2022. These fluctuations in rent prices may be attributed to changes in local economic conditions and housing supply.
As of 2023 and 2024, we have seen a significant increase in average home prices in Hyde Park. The average home price in 2023 was $112,347, rising to $114,602 in 2024. This represents a 2% increase in just one year. Concurrently, federal interest rates have also risen substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, based on current trends and economic indicators, we can project that average home prices in Hyde Park will continue to rise moderately over the next five years. A conservative estimate suggests an annual increase of 2-3%, potentially reaching around $130,000 by 2029. Average rent prices, which have shown volatility, may stabilize and increase at a slower rate, possibly reaching $500-$550 per month in the same timeframe.
In summary, Hyde Park has experienced an overall increase in homeownership rates over the past decade, coupled with fluctuating rent prices. Recent years have seen a significant rise in average home prices, coinciding with higher interest rates. These trends suggest a dynamic real estate market in zip code 15641, with potential for continued growth in property values and a possible shift in the balance between homeownership and renting in the coming years.
