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Average Home Values and Ownership in Zip Code 15019: Bulger's Rural Housing Dynamics
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 15019, located in Bulger, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend towards increased homeownership, with fluctuations in average home prices and rent rates.
The homeownership rate in zip code 15019 has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate was 77%, which increased to 86% by 2022. This represents a substantial 9 percentage point increase over a nine-year period. Concurrently, average home prices in the area have also risen. In 2013, the average home price was $135,126, which steadily increased to $221,623 by 2022, representing a 64% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the expected pattern. As interest rates remained low between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates generally increased. The most significant jump in homeownership occurred between 2021 and 2022, rising from 82% to 86%, despite a slight increase in interest rates from 0.08% to 1.68%.
Conversely, the percentage of renters in zip code 15019 has decreased over time, from 23% in 2013 to 14% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $599, which increased to $825 by 2022, representing a 38% increase. This trend suggests that while fewer people are renting, those who do are paying significantly higher prices.
Looking at the most recent data, the average home price in zip code 15019 for 2023 was $217,535, showing a slight decrease from 2022. However, the average home price for 2024 has rebounded to $222,202, indicating a recovery in the housing market. It's worth noting that federal interest rates have significantly increased to 5.33% in 2024, which could potentially impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15019 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $250,000 to $270,000. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $950 to $1,000 per month by 2029.
In summary, zip code 15019 has demonstrated a strong trend towards increased homeownership, with rising average home prices and rent rates. The area has shown resilience in its housing market, with recent data indicating continued growth despite higher interest rates. These trends suggest a robust and desirable housing market in this Pennsylvania community.
