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Average Home Values and Ownership in Zip Code 15052: A Decade of Change in Industry, Pennsylvania
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 15052, located in Industry, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 2,971 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The relationship between homeownership rates and average home prices in zip code 15052 reveals an interesting pattern. In 2013, the area had a high homeownership rate of 87%, with average home prices at $102,079. As average home prices steadily increased, reaching $132,532 by 2020, the homeownership rate declined to 76%. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents. However, by 2022, there was a slight recovery in homeownership to 81%, despite average home prices continuing to climb to $149,416.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2015 saw relatively stable homeownership rates around 87-89%, coinciding with low interest rates of 0.11% to 0.13%. As interest rates began to rise, reaching 2.16% in 2019, homeownership rates started to decline, dropping to 82% that year. The dramatic drop in interest rates to 0.08% in 2021 corresponded with a slight increase in homeownership to 77%, up from 76% in 2020, showcasing the influence of favorable financing conditions on home buying decisions.
Renter percentages and average rent prices in zip code 15052 have shown a general upward trend. In 2013, the renter-occupied rate was 13% with an average rent of $854. By 2020, the renter percentage increased to 24%, while average rent rose to $1,005. This trend suggests growing demand for rental properties, possibly driven by those priced out of the home buying market. However, 2022 saw a decrease in renters to 19%, with average rent slightly decreasing to $998, indicating a potential shift back towards homeownership.
In 2023 and 2024, average home prices in zip code 15052 continued to evolve. The average home price in 2023 was $148,732, showing a slight decrease from 2022. However, 2024 saw a significant jump to $165,365, representing an 11.2% increase from the previous year. This surge occurred despite federal interest rates rising to 5.02% in 2023 and further to 5.33% in 2024, indicating strong local market factors driving home values despite less favorable financing conditions.
Looking ahead, predictive models suggest that average home prices in zip code 15052 may continue to rise over the next five years, potentially reaching around $185,000 by 2029. This projection is based on the historical growth rate and recent market dynamics. Average rent prices are also expected to increase, potentially surpassing $1,200 by 2029, assuming the area maintains its attractiveness to renters and economic conditions remain stable.
In summary, zip code 15052 has demonstrated resilience in its housing market, with homeownership rates recovering despite rising home prices. The interplay between interest rates, home values, and rental trends reflects a dynamic market responding to both local and national economic factors. The recent surge in home prices, even in the face of higher interest rates, suggests strong underlying demand in the area, which could continue to shape the market in the coming years.
