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Average Home Values and Ownership in Zip Code 15350: Muse'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
Muse, located in zip code 15350 in Pennsylvania, is a small community that has experienced fluctuating population and housing trends over the past decade. This analysis explores the relationship between homeownership rates, average home prices, and average rent prices in this area.
The homeownership rate in Muse has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 82%, and by 2022, it had slightly increased to 85%. During this period, the lowest homeownership rate was 79% in 2019 and 2020. The average home prices in the area have shown an upward trend in recent years. In 2021, the average home price was $67,110, which increased to $73,824 in 2022, representing a 10% increase in just one year.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with generally high homeownership rates in Muse, supporting the idea that lower interest rates encourage homeownership due to more affordable financing options. The slight dip in homeownership in 2019 and 2020 to 79% occurred when interest rates peaked at 2.16% in 2019 before dropping sharply to 0.38% in 2020.
Renter percentages in Muse have fluctuated inversely to homeownership rates, ranging from 14% to 21% between 2013 and 2022. The average rent prices have shown an overall increasing trend with some volatility. In 2013, the average rent was $869, which increased to $979 by 2020, representing a 12.7% increase over seven years. Notably, there was a significant spike in average rent to $1,485 in 2021, followed by a sharp decrease to $852 in 2022. This volatility in rent prices could be attributed to various factors, including changes in local economic conditions and housing supply.
In 2023, the average home price in Muse was $71,200, showing a slight decrease from the previous year. However, in 2024, the average home price has increased to $78,258, indicating a rebound in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates may impact future homeownership trends in the area.
Looking ahead, based on the current trends and data, we can predict that average home prices in Muse will continue to rise moderately over the next five years. The average home price could potentially reach around $90,000 by 2029, assuming a consistent growth rate similar to recent years. Average rent prices, which have shown volatility, may stabilize and increase gradually, potentially reaching around $1,000 per month by 2029. However, these predictions are subject to various economic factors and local market conditions.
In summary, Muse has maintained a high homeownership rate despite fluctuations in average home prices and rent costs. The relationship between federal interest rates and homeownership rates is evident, with lower rates generally corresponding to higher homeownership. The recent increase in interest rates may pose challenges for future homebuyers, potentially affecting the homeownership rate in the coming years. The housing market in this zip code appears resilient, with a trend towards increasing home values, which could continue in the near future.
