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Average Home Values and Ownership in Zip Code 15666: Resilient Real Estate Market in Mammoth, 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 15666, located in Mammoth, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area has maintained a relatively high rate of homeownership, with a slight upward trend in recent years, while average home prices have shown steady growth.
The homeownership rate in zip code 15666 has increased marginally from 76% in 2013 to 79% in 2022. During this same period, average home prices have risen significantly, from $108,698 in 2013 to $162,802 in 2022, representing a 49.8% increase. This trend suggests that despite rising home prices, the area has remained attractive to homebuyers, possibly due to its community characteristics or economic opportunities.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at 76%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), homeownership actually increased to 78-79%, indicating that other factors may have been influencing buying decisions in this zip code.
The rental market in zip code 15666 has shown some fluctuations. The percentage of renters decreased from 24% in 2013 to 21% in 2022. Average rent prices have been volatile, rising from $711 in 2013 to a peak of $761 in 2015, before declining to $716 in 2022. This trend doesn't directly correlate with the decreasing renter population, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rental prices.
Looking at the most recent data, average home prices in zip code 15666 continued to rise, reaching $163,499 in 2023 and $164,273 in 2024. This represents a modest increase of 0.9% from 2022 to 2024. Interestingly, this slower rate of growth coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be tempering home price growth and could potentially impact future homeownership rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15666 will continue to rise, but at a more moderate pace. Projections suggest prices could reach approximately $175,000 to $180,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, potentially reaching $750 to $775 per month in the same timeframe.
In summary, zip code 15666 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The area has managed to maintain its appeal to homeowners even in the face of fluctuating interest rates. While the rental market has seen some volatility, it appears to be stabilizing. The coming years may see more modest growth in both home prices and rents, influenced by broader economic factors and local market conditions.
