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Average Home Values and Ownership in Zip Code 15672: New Stanton's Decade of Change
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 15672, located in New Stanton, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area has maintained a consistently high rate of homeownership, while also seeing fluctuations in average home prices and rent costs. The interplay between these factors provides insight into the local real estate dynamics and economic conditions affecting this community.
Homeownership rates in zip code 15672 have remained relatively stable, with a slight increase from 74% in 2013 to 78% in 2022. This trend coincided with a steady rise in average home prices, which grew from $146,611 in 2013 to $221,253 in 2022, representing a 50.9% increase over nine years. The consistent growth in home values, coupled with the maintained high ownership rate, suggests a strong and desirable housing market in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (0.11% to 0.4%), homeownership in the zip code increased from 74% to 77%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized, maintaining around 77-80% through 2022.
Renter percentages in zip code 15672 have shown a slight decrease, moving from 26% in 2013 to 22% in 2022. During this period, average rent prices experienced considerable growth, rising from $646 in 2013 to $751 in 2022, a 16.3% increase. Interestingly, despite the rise in rent prices, the area saw a slight population decline from 2,738 in 2013 to 2,653 in 2022, which may have contributed to the decreased renter percentage as some renters potentially transitioned to homeownership or relocated.
Looking at the most recent data, average home prices in zip code 15672 reached $219,407 in 2023 and slightly decreased to $217,376 in 2024. This minor decline occurred as federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15672 will continue to grow, albeit at a more moderate pace. Projections suggest an increase to around $240,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially reaching approximately $900 per month within the same timeframe.
In summary, zip code 15672 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has maintained a strong preference for owner-occupied housing, even as home prices and rents have risen. The recent slight dip in home prices, coupled with higher interest rates, may indicate a brief period of market adjustment. However, the long-term outlook remains positive, with moderate growth expected in both home values and rental rates over the next five years.
