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Average Home Values and Ownership in Zip Code 15551: A Resilient Rural 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 15551, located in Casselman, Pennsylvania, presents an interesting case study of homeownership and housing market trends in a small rural community. This area has experienced significant shifts in population and housing dynamics over the past decade, with homeownership rates remaining consistently high despite fluctuations in average home prices and rent.
The ownership percentage in zip code 15551 has shown remarkable stability, hovering around 87-89% from 2013 to 2022. This high rate of homeownership persisted even as average home prices increased substantially. In 2015, the average home price was $99,537, which rose steadily to $152,122 by 2022, representing a 52.8% increase over seven years. This trend suggests a strong preference for homeownership in the community, even as property values appreciated significantly.
Federal interest rates have played a role in supporting homeownership in the area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to maintaining high homeownership levels by making mortgages more affordable. For instance, in 2020, when the federal interest rate was just 0.38%, the homeownership rate stood at 87%, and the average home price had increased to $115,770.
Renter percentages in zip code 15551 have remained relatively low, fluctuating between 10% and 16% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $734, which decreased to $606 in 2014. Rent prices then gradually increased, reaching $839 by 2022. This represents a 14.3% increase in average rent from 2013 to 2022, which is significantly less than the growth in home prices during the same period. The lower growth in rent prices compared to home prices may have contributed to maintaining the high homeownership rates in the area.
In 2023 and 2024, the housing market in zip code 15551 continued to evolve. The average home price reached $160,132 in 2023, showing a further 5.3% increase from 2022. However, in 2024, there was a slight decrease to $159,747, indicating a potential stabilization in the market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 15551 may continue to rise moderately over the next five years, potentially reaching around $175,000 by 2029. This projection is based on the historical growth rate and recent market trends. Average rent prices are also expected to increase, potentially reaching approximately $950 by 2029, assuming a similar growth rate to recent years.
In summary, zip code 15551 demonstrates a strong preference for homeownership, with rates consistently above 80% despite significant increases in average home prices. The area has shown resilience in maintaining high ownership levels even as property values appreciated substantially. The relationship between federal interest rates and homeownership rates has been evident, with low rates supporting high ownership levels. While rent prices have increased more modestly than home prices, the area continues to favor homeownership. The recent rise in interest rates and slight cooling of home prices in 2024 may signal a new phase in the local housing market, potentially affecting future homeownership trends and affordability in this Pennsylvania community.
