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Average Home Values and Ownership in Zip Code 15314: Bentleyville's Resilient Housing Market
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 15314, located in Bentleyville, Pennsylvania, presents an intriguing case study of housing dynamics in a small town setting. Over the past decade, this area has experienced fluctuations in homeownership rates, coupled with steady increases in both average home prices and average rent prices.
The homeownership rate in zip code 15314 has shown slight variations over the years, with a general trend of stability. In 2013, the homeownership rate stood at 70%, and by 2022, it had decreased slightly to 68%. During this period, average home prices in the area demonstrated a consistent upward trajectory. In 2013, the average home price was $96,373, and by 2022, it had risen significantly to $150,030, representing a substantial increase of 55.7% over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 69-70%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership, reaching 68% by 2022 when the federal interest rate was 1.68%.
The rental market in zip code 15314 has also seen notable changes. The percentage of renters increased from 30% in 2013 to 32% in 2022. This shift coincided with a substantial rise in average rent prices. In 2013, the average rent was $488, and by 2022, it had climbed to $607, marking a 24.4% increase. This upward trend in rent prices occurred despite minor fluctuations in the local population, which stood at 3,918 in 2013 and 3,713 in 2022.
Looking at the most recent data, the average home price in zip code 15314 for 2023 was $149,504, showing a slight decrease from 2022. However, the 2024 average home price has risen to $156,942, indicating a recovery and continued growth in the housing market. This increase is occurring despite the relatively high federal interest rate of 5.33% in 2024, suggesting strong underlying demand in the area.
Applying predictive models to these trends, we can forecast that over the next five years, average home prices in zip code 15314 are likely to continue their upward trajectory, potentially reaching around $175,000 to $180,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $700 per month within the same timeframe.
In summary, zip code 15314 has demonstrated resilience in its housing market, with steadily increasing home values despite minor fluctuations in homeownership rates. The rental market has grown both in terms of the proportion of renters and average rent prices. These trends, combined with the recent uptick in home prices despite higher interest rates, suggest a robust and potentially growing demand for housing in this Pennsylvania borough.
