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Average Home Values and Ownership in Zip Code 15223: A Decade of Change in Etna, 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 15223, located in Etna, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 6,771 in 2022, has seen significant changes in its real estate landscape, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 15223 has shown a gradual increase from 2013 to 2019, reaching a peak of 71% in 2019. However, this trend reversed in recent years, with ownership rates declining to 65% by 2022. Concurrently, average home prices have seen a substantial rise. In 2013, the average home price was $96,842, which steadily increased to $180,740 by 2022, representing an impressive 86.6% growth over this period.
The relationship between federal interest rates and homeownership rates in this area is notable. From 2013 to 2019, when interest rates were relatively low (ranging from 0.11% to 2.16%), homeownership rates increased from 66% to 71%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, despite continued low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates began to decline, possibly due to other economic factors or local market conditions.
Renter percentages in zip code 15223 have fluctuated inversely to homeownership rates, reaching a low of 29% in 2019 before increasing to 35% by 2022. Average rent prices have shown volatility, with notable increases in certain years. For instance, average rent rose from $775 in 2019 to $1,011 in 2021, a significant 30.5% increase. However, it then decreased to $831 in 2022. These fluctuations in rent prices and renter percentages may be influenced by changes in the local job market, overall economic conditions, and housing availability.
In 2023 and 2024, the real estate market in zip code 15223 continued to evolve. The average home price increased slightly to $181,731 in 2023 and further to $186,444 in 2024. This represents a modest but steady growth of 3.2% from 2022 to 2024. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 15223. Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach approximately $210,000 to $220,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching $900 to $950 per month by 2029, assuming no major economic disruptions.
In summary, zip code 15223 has experienced a significant increase in average home prices over the past decade, with a recent slowdown in the rate of appreciation. Homeownership rates have fluctuated, peaking in 2019 before declining in recent years. Rent prices have shown volatility, with notable increases followed by recent stabilization. The interplay between interest rates, housing prices, and ownership rates highlights the complex dynamics of the local real estate market, which continues to evolve in response to broader economic trends and local factors.
