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Average Home Values and Ownership in Zip Code 15663: A Decade of Change in Madison, PA
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 15663, located in Madison, Pennsylvania, is a small community with a population of just 36 residents as of 2022. This area has seen significant changes in homeownership rates and housing costs over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 15663 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 79%, which increased to 89% by 2018, the highest point in the observed period. However, there was a slight decline to 81% by 2022. Despite this recent decrease, the overall trend suggests a strong preference for homeownership in this area.
Interestingly, the trend in homeownership rates appears to have an inverse relationship with federal interest rates. As interest rates remained low between 2013 and 2020 (ranging from 0.09% to 0.38%), homeownership rates in the zip code generally increased. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), we see a slight decline in homeownership rates, potentially reflecting the increased cost of borrowing.
The rental market in zip code 15663 has experienced significant changes as well. The percentage of renters fluctuated between 11% and 17% from 2013 to 2019, but saw a notable increase to 19% in 2022. This rise in renters coincides with a substantial increase in average rent prices. In 2013, the average rent was $421, which rose steadily to $550 by 2019. The most dramatic increases occurred in recent years, with average rent jumping to $689 in 2020, $766 in 2021, and reaching $857 in 2022. This represents a 103% increase in average rent from 2013 to 2022.
Looking at the most recent data for 2023 and 2024, we see that average home prices in zip code 15663 were $171,540 in 2023 and slightly decreased to $170,697 in 2024. This small decline of 0.5% occurs alongside a further increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may be contributing to a slight cooling in the housing market.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 15663 may continue to experience modest fluctuations, potentially stabilizing or showing slight increases as the market adjusts to higher interest rates. Average rent prices are likely to continue their upward trajectory, albeit at a slower pace than the dramatic increases seen in recent years. This forecast is based on the historical trends observed and the current economic conditions.
In summary, zip code 15663 has demonstrated a strong preference for homeownership, with rates reaching as high as 89% in recent years. However, the area has also experienced a significant rise in average rent prices, more than doubling over a decade. The interplay between federal interest rates, homeownership rates, and housing costs highlights the complex dynamics at work in this small Pennsylvania community. As we move forward, the balance between owning and renting in this zip code will likely continue to evolve in response to economic factors and local market conditions.
