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Average Home Values and Ownership in Zip Code 15824: A Decade of Fluctuations in Brockway, 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 15824, located in Brockway, Pennsylvania, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its small-town charm and proximity to natural attractions, has seen fluctuations in its housing market that reflect both local and national economic trends. The homeownership rate in zip code 15824 has shown a general upward trend, increasing from 73% in 2013 to 74% in 2022. This rise in homeownership coincided with a significant increase in average home prices, which grew from $83,176 in 2013 to $121,293 in 2022, representing a 45.8% increase over this period. The most substantial year-over-year increase occurred between 2019 and 2020, when average home prices jumped from $101,678 to $117,065, a 15.1% rise in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 15824. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.14%, likely contributed to the increase in homeownership rates. This low-interest environment made mortgage financing more accessible and attractive to potential homebuyers, supporting the observed increase in homeownership from 73% to 76% during this period.
Renter percentages in zip code 15824 have inversely mirrored the homeownership trends, decreasing from 27% in 2013 to 26% in 2022. Interestingly, average rent prices have shown a significant upward trend despite the decrease in renter percentages. The average rent price increased from $521 in 2013 to $730 in 2022, a 40.1% increase. The most dramatic rise occurred between 2017 and 2018, when average rent jumped from $631 to $775, a 22.8% increase in a single year. This trend suggests that while fewer residents are renting, those who do are facing higher rental costs.
In 2023 and 2024, the housing market in zip code 15824 continued to evolve. The average home price increased to $124,348 in 2023 and further to $127,374 in 2024, representing a 2.5% and 5% increase from 2022, respectively. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply in the area.
Looking ahead, predictive models suggest that average home prices in zip code 15824 may continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $140,000 by 2029. Average rent prices are also expected to increase, potentially reaching close to $850 per month in the same timeframe. These projections are based on historical trends and current market conditions, but could be influenced by various economic factors.
In summary, zip code 15824 has experienced a notable increase in homeownership rates and substantial growth in both average home prices and rent costs over the past decade. The area has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. As the community moves forward, balancing affordable housing options with the growing value of real estate will likely be a key consideration for local policymakers and residents alike.
