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Average Home Values and Ownership in Zip Code 15725: Jacksonville's Resilient Housing Market
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
Jacksonville, located in zip code 15725 in Pennsylvania, is a small community with a population of 1,804 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home values.
The ownership percentage in Jacksonville has shown a slight upward trend from 2013 to 2022. In 2013, 81% of housing units were owner-occupied, and this figure rose to 84% by 2022. This increase in homeownership coincided with a rise in average home prices. The average home price in the area increased from $156,686 in 2020 to $173,482 in 2022, representing a 10.7% increase over two years.
The relationship between federal interest rates and homeownership rates in Jacksonville appears to follow the general trend of lower interest rates encouraging homeownership. From 2013 to 2020, when interest rates were historically low, ranging from 0.09% to 0.38%, the area maintained a high homeownership rate between 81% and 86%. This suggests that the low-interest-rate environment may have contributed to the stability and slight increase in homeownership during this period.
Renter percentages in Jacksonville have generally decreased as homeownership increased. In 2013, 19% of housing units were renter-occupied, and this figure dropped to 16% by 2022. Despite this decrease in the proportion of renters, average rent prices have shown some volatility. The average rent increased from $749 in 2013 to $874 in 2018, representing a 16.7% increase. However, it then decreased to $743 in 2022, which is only slightly lower than the 2013 level. This fluctuation in rent prices could be attributed to changes in local economic conditions or housing supply and demand dynamics.
In 2023 and 2024, the average home prices in Jacksonville continued to rise. The average home price reached $180,893 in 2023 and further increased to $184,675 in 2024, representing a 2.1% year-over-year increase. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates might typically be expected to slow down home price appreciation, but the continued rise suggests strong local demand or limited housing supply in the area.
Looking ahead, based on the observed trends and current market conditions, we can forecast the following 5-year trends for average home and rent prices in Jacksonville: Average home prices are likely to continue their upward trajectory, albeit at a slower pace due to higher interest rates. We might expect an annual appreciation rate of 2-3%, which could bring the average home price to around $210,000-$215,000 by 2029. Average rent prices may stabilize or show modest growth, potentially reaching $800-$850 per month by 2029, assuming a 1-2% annual increase from the 2022 level.
In summary, Jacksonville has demonstrated a trend towards increased homeownership and rising home values over the past decade. The area has maintained a high rate of owner-occupied housing units despite fluctuations in the broader economic environment. While rent prices have shown some volatility, they have remained relatively stable in recent years. The continued rise in home prices, even in the face of higher interest rates, suggests a robust local housing market with potential for further growth in the coming years.
