Loading Content...
Average Home Values and Ownership in Zip Code 15559: A Steady Market in Rural Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15559, located in Schellsburg, Pennsylvania, has experienced notable fluctuations in population and housing dynamics over the past decade. This rural area, spanning 45.83 square miles, has maintained a relatively stable homeownership rate while seeing changes in average home prices and rent values.
The homeownership rate in zip code 15559 has remained consistently high, ranging from 81% to 84% between 2013 and 2022. This stability in homeownership is particularly impressive given the variations in average home prices during this period. In 2018, the average home price was $180,940, which increased to $227,948 by 2022, representing a significant 26% rise over four years. Despite this increase in home prices, the homeownership rate actually increased slightly from 82% in 2018 to 84% in 2022, suggesting a strong local preference for homeownership.
The relationship between federal interest rates and homeownership rates in this area appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 82%. As interest rates began to rise in 2022 to 1.68%, the homeownership rate actually increased to 84%, possibly due to anticipation of further rate increases motivating purchases.
Renter percentages in zip code 15559 have remained relatively low, fluctuating between 16% and 19% from 2013 to 2022. Interestingly, average rent prices have shown a gradual upward trend during this period. In 2013, the average rent was $620, which increased to $659 by 2022, representing a 6.3% increase over nine years. This modest rise in rent prices, coupled with the area's decreasing population from 1,820 in 2013 to 1,683 in 2022, suggests a relatively stable rental market despite the overall preference for homeownership.
In 2023 and 2024, the housing market in zip code 15559 showed signs of stabilization. The average home price slightly decreased from $227,948 in 2022 to $226,127 in 2023, before rising marginally to $228,648 in 2024. This represents a mere 0.3% increase from 2022 to 2024, indicating a cooling of the rapid price growth seen in previous years. Notably, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slowing of home price appreciation.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 15559 may continue to experience modest growth, potentially reaching around $240,000 by 2029, assuming a conservative annual growth rate of 1-2%. Rent prices could follow a similar trajectory, potentially increasing to around $700-$725 per month by 2029, reflecting a gradual upward trend in line with historical patterns.
In summary, zip code 15559 demonstrates a strong preference for homeownership, maintaining high rates despite fluctuations in home prices and interest rates. The area has shown resilience in its housing market, with recent years indicating a stabilization of home prices after a period of significant growth. The rental market, while smaller, has remained steady with gradual increases in average rent. These trends, combined with the area's rural character and stable population, suggest a relatively balanced and sustainable housing market for the foreseeable future.
