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Average Home Values and Ownership in Zip Code 15538: A Resilient Rural 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 15538, located in Callimont, Pennsylvania, presents an interesting case study of homeownership and rental trends in a small, rural community. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing a significant upward trajectory in recent years. The rental market, while smaller, has also experienced notable changes in terms of average rent prices.
The homeownership rate in zip code 15538 has remained remarkably stable, hovering around 85-88% between 2013 and 2022. This high rate of homeownership coincides with a substantial increase in average home prices. In 2015, the average home price was $107,650, which steadily rose to $181,911 by 2022, representing a 69% increase over seven years. This trend suggests that despite rising home values, residents in this area have maintained their ability and preference to own homes.
Federal interest rates have played a role in shaping homeownership trends in zip code 15538. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the area remained resilient, only fluctuating slightly between 84% and 88%.
The rental market in zip code 15538, while smaller, has shown its own distinct trends. The percentage of renters has remained relatively stable, ranging from 12% to 16% between 2013 and 2022. Average rent prices have shown a general upward trend, increasing from $537 in 2013 to $689 in 2022, a 28% rise over nine years. This increase in average rent prices occurred despite minor fluctuations in the local population, which ranged from 894 to 1,021 residents during this period.
Looking at the most recent data, the average home price in zip code 15538 was $179,468 in 2023 and $177,496 in 2024, showing a slight decrease from the 2022 peak. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. This combination of high interest rates and a slight dip in home prices may indicate a cooling in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15538 may experience a period of stabilization or modest growth, given the recent slight decline and high interest rates. Average rent prices are expected to continue their upward trajectory, potentially reaching around $750-$800 per month by 2029, assuming the current trend persists.
In summary, zip code 15538 demonstrates a strong preference for homeownership, with residents maintaining high ownership rates despite significant increases in average home prices. The rental market, while smaller, has seen steady growth in average rents. Recent data suggests a possible leveling off in the housing market, likely influenced by rising interest rates. Moving forward, we expect a period of more moderate growth in both the housing and rental markets for this area.
