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Average Home Values and Ownership in Zip Code 15611: A Study of Adamsburg's Shifting Housing Dynamics
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
Adamsburg, located in zip code 15611 in Pennsylvania, is a small community that has experienced notable shifts in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics.
The homeownership rate in Adamsburg has remained consistently high, with a slight decline observed from 2013 to 2018. In 2013, the homeownership rate was 98%, which gradually decreased to 93% by 2018. However, the trend reversed in recent years, with the rate increasing back to 98% in 2022. This high rate of homeownership suggests a stable, long-term resident population in the area.
While specific average home price data for earlier years is not available, we can observe that the average home price in 2023 was $141,095, rising to $143,010 in 2024. This represents a modest increase of 1.36% year-over-year, indicating a relatively stable housing market in the area.
The relationship between federal interest rates and homeownership rates in Adamsburg appears to follow general economic principles. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 2.16%, the homeownership rate remained high, above 93%. The slight dip in homeownership to 93% in 2018 coincided with a rise in interest rates to 1.83%. However, as interest rates dropped again in 2020 and 2021, homeownership rates rebounded to 98% by 2022.
Regarding rental trends, the percentage of renters in Adamsburg has remained relatively low throughout the observed period. It peaked at 7% in 2018 but has since decreased to just 1% in 2022. Interestingly, average rent prices have shown significant fluctuations. In 2013, the average rent was $565, which increased dramatically to $1,739 in 2015. It remained relatively stable around $1,700-$1,745 until 2020, before dropping sharply to $576 in 2021 and then rising again to $1,722 in 2022. These fluctuations could be attributed to the small rental market in the area, where changes in a few properties can significantly impact the average.
Looking at the most recent data, the average home price in Adamsburg for 2023 was $141,095, increasing to $143,010 in 2024. This coincides with federal interest rates of 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in previous years. Despite these higher interest rates, the housing market in the area appears to be maintaining steady growth.
Applying predictive models to forecast 5-year trends, we can anticipate a continued gradual increase in average home prices, potentially reaching around $150,000 by 2029 if the current growth rate persists. Average rent prices may stabilize around the $1,700-$1,800 range, assuming no significant changes in the local rental market dynamics.
In summary, Adamsburg (zip code 15611) demonstrates a strong preference for homeownership, with consistently high rates above 93%. The housing market shows signs of stability with moderate growth in average home prices. The rental market, while small, has experienced significant fluctuations in average rent prices. Moving forward, the area is likely to maintain its character as a predominantly owner-occupied community with a steady, if modest, appreciation in property values.
