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Average Home Values and Ownership in Zip Code 15082: Sturgeon's Resilient Real Estate Market
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 15082, encompassing the Sturgeon in Pennsylvania, has experienced significant changes in its housing market over the past decade. This small community, with a land area of just 0.52 square miles, has seen notable shifts in homeownership rates and average home prices, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 15082 has remained consistently high, fluctuating between 88% and 97% from 2013 to 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $80,137, which rose to $162,222 by 2022, representing a substantial 102% increase over nine years. The most significant annual price jumps occurred between 2019 and 2021, with increases of 12.3% and 14.8% respectively, possibly reflecting broader market trends and increased demand for suburban living during the COVID-19 pandemic.
Federal interest rates have played a role in shaping homeownership trends in zip code 15082. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the high homeownership rates of 94% to 97% during this time. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a slight decline in homeownership to 88% in 2018. However, the community's strong preference for homeownership persisted, with rates rebounding to 95% by 2022 despite rising interest rates.
The rental market in zip code 15082 has remained relatively small but showed some fluctuations. The percentage of renters increased from 2% in 2013 to a peak of 11% in 2017, before declining to 4% in 2022. This trend suggests a brief period of increased rental demand, possibly due to economic factors or changes in local housing supply, followed by a return to the area's traditionally high homeownership rates.
Looking at the most recent data, the average home price in zip code 15082 reached $164,437 in 2023 and further increased to $172,701 in 2024. This represents a continued upward trend in home values, with a 5% increase from 2023 to 2024. Interestingly, this price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast future trends, we anticipate that average home prices in zip code 15082 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The area's consistent appeal to homeowners and limited housing supply (given its small geographic size) are likely to support ongoing price appreciation. Rental prices, while not directly reported in the data, may see moderate increases as the small rental market adjusts to overall housing cost trends.
In summary, zip code 15082 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to economic fluctuations and interest rate changes, maintaining its appeal to residents who prefer owning over renting. As the community continues to evolve, it will be interesting to observe how these trends develop, particularly in light of broader economic conditions and potential shifts in housing preferences.
