Loading Content...
Average Home Values and Ownership in Zip Code 15857: St. Marys' Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15857, located in St. Marys, Pennsylvania, presents an intriguing case study of housing market dynamics in a small urban setting. This area has experienced fluctuating homeownership rates and notable changes in average home and rent prices over the past decade, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 15857 has remained relatively stable, hovering around 75-78% between 2013 and 2022. However, there have been subtle shifts that correlate with changes in average home prices. In 2013, the homeownership rate was 78% with an average home price of $97,471. As average home prices increased to $105,612 by 2015, there was a slight dip in homeownership to 76%. Interestingly, when average home prices moderated to $100,298 in 2018, homeownership decreased further to 75%, suggesting factors beyond just price influencing ownership decisions.
Federal interest rates have played a role in homeownership trends in the area. The period from 2013 to 2015 saw historically low interest rates (0.11% to 0.13%), which likely contributed to the initial high homeownership rates. As interest rates began to rise, reaching 1.83% in 2018, we observed the dip in homeownership to 75%. However, the relationship isn't always direct, as evidenced by the homeownership rate rebounding to 78% in 2021 despite rising interest rates, indicating other local factors at play.
Renter percentages in zip code 15857 have shown an inverse relationship to homeownership rates, naturally. The renter population increased from 22% in 2013 to 25% in 2018, coinciding with the dip in homeownership. Average rent prices have been volatile, dropping from $696 in 2013 to $610 in 2015, then rising to $724 in 2020, and further to $741 in 2021. This volatility in rent prices doesn't always align directly with renter percentages, suggesting that local economic factors and housing availability may be influencing rental market dynamics more than price alone.
Looking at the most recent data, average home prices in zip code 15857 reached $133,179 in 2023 and further increased to $134,642 in 2024. This represents a significant jump from the $126,814 average in 2021, indicating a strong upward trend in the local housing market. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and market dynamics.
Applying predictive models to this data suggests that average home prices in zip code 15857 may continue to rise over the next five years, potentially reaching around $145,000 by 2029. However, this growth rate may slow compared to the rapid increases seen in recent years. Average rent prices are projected to follow a similar upward trajectory, potentially reaching about $800 per month by 2029, assuming current economic conditions and local market factors persist.
In summary, zip code 15857 has maintained a relatively high homeownership rate despite fluctuations in average home prices and interest rates. The area has seen significant growth in home values, particularly in recent years, while rental prices have shown more volatility. The interplay between homeownership rates, rental percentages, and pricing trends reflects a complex local market influenced by broader economic factors and specific community dynamics.
