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Average Home Values and Ownership in Zip Code 15147: A Decade of Growth Amidst Interest Rate Fluctuations
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 15147, located in Plum, Pennsylvania, is a suburban area covering 10.79 square miles. This zip code has experienced fluctuations in homeownership rates and significant changes in average home prices and average rent prices over the past decade. The homeownership rate in zip code 15147 has remained relatively stable, with minor fluctuations between 67% and 70% from 2013 to 2022. Meanwhile, average home prices have shown a substantial increase. In 2013, the average home price was $76,561, which steadily rose to $154,115 by 2022, representing a remarkable 101% increase over this period. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in homeownership trends. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 70%. As interest rates remained low through 2020 (0.38%), homeownership rates stayed relatively stable. However, even as interest rates began to rise in 2021 and 2022 (0.08% and 1.68% respectively), the homeownership rate in zip code 15147 held steady at 68%, indicating a resilient local housing market.
Renter percentages have shown a slight increase from 30% in 2013 to 32% in 2022. This modest rise in renters coincides with an overall increase in average rent prices. In 2013, the average rent was $790, which increased to $880 by 2022, representing an 11.4% increase. Notably, there was a significant spike in average rent to $1,099 in 2021, before returning to more moderate levels in 2022. These trends suggest that while renting has become slightly more prevalent, it has also become more expensive, potentially influencing some residents to consider homeownership.
In 2023 and 2024, the housing market in zip code 15147 continued to evolve. The average home price reached $157,472 in 2023 and further increased to $164,083 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 15147 may continue to appreciate, potentially reaching around $190,000 to $200,000 by 2029, assuming a moderate annual growth rate of 3-4%. Average rent prices could also see an upward trend, potentially reaching $950 to $1,000 per month by 2029, based on historical increases and inflation factors.
In summary, zip code 15147 has demonstrated a strong and stable homeownership market despite rising home prices. The area has seen significant appreciation in property values, with average home prices more than doubling from 2013 to 2024. Renting has become slightly more prevalent and generally more expensive, though not at the same rate as home price increases. The housing market in this zip code appears resilient, maintaining high homeownership rates even in the face of rising interest rates and home prices.
