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Average Home Values and Ownership in Zip Code 15626: A Decade of Change in Delmont, Pennsylvania
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 15626, located in Delmont, Pennsylvania, has experienced dynamic shifts in homeownership rates and housing prices over the past decade. This area has seen significant fluctuations in its population and housing market, reflecting broader economic trends and local developments.
The homeownership rate in zip code 15626 has shown a notable trend, peaking at 83% in 2019 before experiencing a decline in recent years. This trend correlates interestingly with the average home prices in the area. In 2019, when homeownership was at its highest, the average home price was $177,342. As homeownership rates began to decrease, falling to 69% by 2022, average home prices continued to rise, reaching $223,748 in the same year. This inverse relationship suggests that rising home prices may have contributed to the decline in homeownership rates.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 15626. The period from 2013 to 2019, when homeownership rates increased from 75% to 83%, coincided with relatively low interest rates ranging from 0.11% to 2.16%. This environment of low borrowing costs likely encouraged home purchases. However, the sharp increase in interest rates to 1.68% in 2022 and further to 5.02% in 2023 corresponds with the recent decline in homeownership rates, dropping to 69% in 2022.
Renter percentages in zip code 15626 have shown an inverse relationship to homeownership rates, naturally increasing as homeownership declined. The renter population grew from 17% in 2019 to 31% in 2022. Interestingly, average rent prices have not shown a consistent upward trend during this period. In 2019, the average rent was $782, which decreased to $764 in 2022 despite the increase in renter population. This suggests that other factors, such as local economic conditions or housing supply, may be influencing rent prices more than demand alone.
Looking at the most recent data, the average home price in zip code 15626 reached $232,393 in 2023 and further increased to $239,914 in 2024. This continued upward trend in home prices occurs alongside high interest rates, with 2024 seeing rates at 5.33%. These figures indicate a resilient housing market in the area, despite potentially challenging borrowing conditions for prospective homeowners.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15626 will continue to rise, albeit at a potentially slower rate due to high interest rates. We project that by 2029, average home prices could reach approximately $275,000 to $290,000. For rent prices, given the recent fluctuations, we predict a moderate increase over the next five years, potentially reaching an average of $800 to $850 per month by 2029.
In summary, zip code 15626 has experienced a shift from peak homeownership in 2019 to an increasing renter population, influenced by rising home prices and interest rates. Despite these changes, the area's housing market remains strong, with home values continuing to appreciate. The interplay between federal interest rates, homeownership rates, and housing prices underscores the complex dynamics shaping this local real estate market.
