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Average Home Values and Ownership in Zip Code 15235: Churchill's Changing Housing Landscape
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
Churchill, located in zip code 15235 in Pennsylvania, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area has seen a gradual decline in homeownership rates coupled with significant increases in both average home prices and average rent prices.
The homeownership rate in zip code 15235 has shown a downward trend from 2013 to 2022. In 2013, the homeownership rate was 77%, which remained relatively stable until 2016 at 78%. However, from 2017 onwards, there was a consistent decline, reaching 73% in 2022. This decrease in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $81,477, which steadily rose to $162,844 by 2022, representing a remarkable 99.9% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained stable at 77%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates started to decline. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
As homeownership rates declined, the percentage of renters in zip code 15235 increased from 23% in 2013 to 27% in 2022. This shift corresponded with a significant rise in average rent prices. The average rent price in 2013 was $885, which increased to $1,008 by 2022, marking a 13.9% increase. The population in this zip code decreased from 32,940 in 2013 to 31,741 in 2022, which may have contributed to the changing dynamics of the housing market.
In 2023 and 2024, the housing market in zip code 15235 continued to evolve. The average home price in 2023 was $163,893, showing a slight increase from 2022. In 2024, it further rose to $167,241. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 15235 will likely continue to rise over the next five years, albeit at a potentially slower rate due to the higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and the overall upward trend in housing costs. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, zip code 15235 has witnessed a significant transformation in its housing market from 2013 to 2024. The area has experienced a decline in homeownership rates, substantial increases in average home prices and average rent prices, and a growing renter population. These trends, coupled with fluctuating interest rates and a slightly decreasing population, paint a picture of a dynamic and evolving real estate landscape in Churchill.
