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Average Home Values and Ownership in Zip Code 15239: Plum's Steady Real Estate Growth
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 15239, located in Plum, Pennsylvania, has demonstrated notable trends in homeownership and housing prices over the past decade. This suburban area has maintained a consistently high rate of owner-occupied housing, with the percentage remaining above 80% since 2013. The average home prices and average rent have also experienced significant changes during this period. The homeownership rate in zip code 15239 has remained relatively stable, with a slight increase from 80% in 2013 to 84% in 2022. This stability in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $141,674, which steadily increased to $229,992 by 2022, representing a 62.3% increase over nine years. 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 role in homeownership trends. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), the homeownership rate remained steady at 80-81%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate actually increased to 84%. This counterintuitive trend might be explained by other local factors encouraging homeownership, such as community stability or favorable local economic conditions.
The renter population in zip code 15239 has shown a slight decrease, from 19% in 2013 to 16% in 2022. Interestingly, the average rent prices have fluctuated during this period. In 2013, the average rent was $1,018, which decreased to $910 in 2018 before rising again to $1,000 in 2022. This represents a minor overall decrease of 1.8% in average rent over nine years, despite the decrease in the renter population percentage. The fluctuation in rent prices might be influenced by factors such as local economic conditions or changes in housing supply.
In 2023 and 2024, the housing market in zip code 15239 continued to evolve. The average home price reached $233,762 in 2023 and further increased to $242,159 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical trends and current data, we can project potential 5-year trends for average home and rent prices in zip code 15239. If the current trajectory continues, average home prices could potentially reach around $280,000 to $300,000 by 2029. For average rent prices, considering the historical fluctuations, they might stabilize around $1,100 to $1,200 per month, assuming no major economic shifts or local policy changes.
In summary, zip code 15239 has demonstrated a strong and consistent preference for homeownership, with average home prices showing substantial growth over the past decade. The rental market has remained relatively stable in terms of pricing, despite a decrease in the renter population percentage. The area's resilience in maintaining high homeownership rates, even in the face of rising home prices and increasing interest rates, suggests a robust local housing market and potentially strong community ties.
