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Average Home Values and Ownership in Zip Code 15227: A Decade of Growth in Baldwin, 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 15227, located in Baldwin, Pennsylvania, presents an interesting case study of homeownership and rental trends in a suburban area near Pittsburgh. Over the past decade, this community has maintained a relatively stable balance between homeowners and renters, with a slight inclination towards homeownership. The area has experienced steady growth in average home prices, while average rent prices have shown more moderate increases.
The homeownership rate in zip code 15227 has remained consistently high, hovering around 67-69% between 2013 and 2022. This stability in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $104,245, which rose steadily to reach $186,465 by 2022, representing a substantial 78.9% increase over this period. This trend suggests that despite rising home values, residents in this area have maintained their ability and desire to own homes.
Federal interest rates have played a role in shaping homeownership trends in zip code 15227. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the sustained high levels of homeownership. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the zip code remained stable, indicating a resilient local housing market.
Renter percentages in zip code 15227 have remained relatively constant, ranging between 31-33% from 2013 to 2022. Average rent prices have shown a general upward trend, albeit with some fluctuations. In 2013, the average rent was $757, which increased to $894 by 2021, representing an 18.1% increase. However, there was a slight decrease to $819 in 2022. These rent price changes have been less dramatic than the increases seen in home prices, potentially making renting an attractive option for some residents.
Looking at the most recent data, the average home price in zip code 15227 reached $188,730 in 2023 and further increased to $195,625 in 2024. This represents a continued upward trajectory in home values. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15227 will continue to rise, potentially reaching around $230,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of around $950 per month by 2029, assuming the trend of gradual increases continues.
In summary, zip code 15227 demonstrates a stable housing market with a strong preference for homeownership. Despite significant increases in average home prices, the area has maintained high homeownership rates. Rent prices have shown more modest growth, providing a viable alternative for those unable or unwilling to purchase homes. The recent sharp increase in interest rates may influence future homeownership trends, potentially slowing the rate of price appreciation or affecting the balance between owners and renters in the coming years.
