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Average Home Values and Ownership in Zip Code 15038: Resilience in a Small Pennsylvania Community
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 15038, located in Elrama, Pennsylvania, is a small community with a population of just 29 residents as of 2022. This area has experienced interesting fluctuations in homeownership rates and housing prices over the years. Generally, the zip code has maintained a high percentage of owner-occupied homes, while average home prices and average rent have shown an upward trend.
The homeownership rate in zip code 15038 has fluctuated over the years but has generally remained high. In 2013, the homeownership rate was 79%, which increased to 83% by 2022. During this period, average home prices also saw a significant rise. In 2013, the average home price was $55,156, which steadily increased to $98,125 by 2022, representing a substantial 77.9% increase over nine years. This trend suggests a strong correlation between rising home values and homeownership rates in the area.
Federal interest rates have played a role in homeownership trends in zip code 15038. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 80%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 71% in 2016, but it quickly rebounded and reached 83% by 2022, despite the interest rate climbing to 1.68% that year. This resilience in homeownership rates suggests that other local factors may be influencing housing decisions in this zip code.
Renter percentages and average rent prices in zip code 15038 have shown some volatility. In 2013, the renter-occupied percentage was 21%, with an average rent of $652. By 2022, the renter percentage had decreased to 17%, while the average rent had increased to $975, a 49.5% rise over nine years. Interestingly, the renter percentage reached its lowest point of 8% in 2017, coinciding with a period when no average rent data was available, suggesting a possible shortage of rental properties during that time.
Looking at the most recent data, the average home price in zip code 15038 for 2023 was $92,973, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $97,076. This recent uptick occurs despite the federal interest rate rising to 5.33% in 2024, which is the highest it has been in over a decade. This suggests that local demand for housing in this zip code remains strong, even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and average rent in zip code 15038. Based on the historical data and current economic conditions, average home prices could potentially reach around $110,000 to $120,000 by 2029. Average rent prices may continue their upward trajectory, potentially reaching $1,100 to $1,200 per month in the same timeframe.
In summary, zip code 15038 has demonstrated resilience in its housing market, maintaining high homeownership rates despite fluctuations in interest rates and increasing home prices. The area has seen substantial growth in both average home values and average rent prices over the past decade. Despite recent increases in interest rates, the housing market in this zip code appears to remain robust, with predictions suggesting continued growth in both home prices and rental rates in the coming years.
