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Average Home Values and Ownership in Zip Code 15085: A Decade of Growth in Level Green
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
Level Green, located in zip code 15085 in Pennsylvania, is a suburban community that has experienced notable shifts in housing dynamics over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate market.
The homeownership rate in Level Green has shown remarkable stability over the years, with a slight increase in recent times. In 2013, the homeownership rate was 83%, and it remained relatively consistent until 2022 when it rose to 86%. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $126,603, which steadily climbed to $200,442 by 2022, representing a 58.3% increase over this period.
The relationship between federal interest rates and homeownership rates in Level Green presents an interesting dynamic. Despite fluctuations in interest rates, the area maintained a high homeownership rate. For instance, when interest rates were at historic lows (0.08% in 2021), the homeownership rate was 83%. As interest rates rose to 1.68% in 2022, the homeownership rate actually increased to 86%, suggesting that local factors may have a stronger influence on homeownership than national interest rate trends in this community.
Renter percentages and average rent prices in Level Green have shown some correlation. In 2013, the renter-occupied rate was 16%, with an average rent of $623. By 2019, the renter percentage increased to 19%, accompanied by a rise in average rent to $1,006, a 61.5% increase. However, by 2022, the renter percentage decreased to 14%, while the average rent slightly declined to $983. This shift may indicate a preference for homeownership as rent prices approached the $1,000 mark.
Looking at the most recent data, the average home price in Level Green continued its upward trajectory, reaching $208,538 in 2023 and $215,405 in 2024. This represents a 7.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Level Green will continue to rise, albeit at a more moderate pace. Projections suggest that by 2029, average home prices could reach approximately $250,000 to $270,000, assuming a continuation of current economic conditions. Average rent prices are expected to follow a similar trend, potentially reaching $1,100 to $1,200 per month by 2029.
In summary, Level Green has demonstrated a robust housing market with increasing homeownership rates and rising property values. The community has maintained high homeownership levels despite fluctuations in interest rates, suggesting strong local demand for housing. While rent prices have increased over time, recent trends indicate a potential shift towards homeownership. As the market continues to evolve, it will be crucial to monitor how these trends impact the overall housing landscape in zip code 15085.
