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Average Home Values and Ownership in Zip Code 15225: A Decade of Growth in Emsworth, PA
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 15225, located in Emsworth, Pennsylvania, is a small community covering 2.21 square miles. This area has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 15225 has shown fluctuations but generally increased over time. In 2013, the homeownership rate was 53%, which rose to 57% by 2022. This upward trend coincided with a significant increase in average home prices. In 2013, the average home price was $85,741, which steadily climbed to $157,843 by 2022, representing an impressive 84% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate in zip code 15225 generally increased. For instance, when interest rates were at 0.08% in 2021, the homeownership rate reached 59%, its highest point in the available data. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Regarding rental trends, the percentage of renters in zip code 15225 has fluctuated inversely to homeownership rates, ranging from 41% to 48% between 2013 and 2022. Average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $706, which increased to $818 by 2022, representing a 16% rise. It's worth noting that despite the overall population decline from 1,619 in 2013 to 1,434 in 2022, rent prices continued to climb, suggesting sustained demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 15225 showed interesting developments. The average home price slightly decreased to $156,604 in 2023 but then increased to $160,338 in 2024. This occurred alongside a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability 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 15225. Average home prices are likely to continue their upward trajectory, potentially reaching around $180,000 to $190,000 by 2029. Average rent prices may also continue to rise, potentially reaching $900 to $950 per month in the same timeframe. However, these projections could be influenced by various factors, including economic conditions, local development, and changes in interest rates.
In summary, zip code 15225 has experienced a general increase in homeownership rates and significant growth in average home prices over the past decade. Rental prices have also shown steady growth, despite population decline. The area's housing market has demonstrated resilience and appreciation, with recent years showing continued price increases even in the face of rising interest rates. These trends suggest a robust and evolving real estate market in this Pennsylvania community.
