Loading Content...
Average Home Values and Ownership in Zip Code 15928: A Decade of Dynamic Market Shifts in Davidsville, Pennsylvania
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 15928, located in Davidsville, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has maintained a predominantly owner-occupied housing market, with homeownership rates consistently above 75% throughout the observed period.
The homeownership rate in zip code 15928 has shown an overall upward trend, increasing from 78% in 2017 to 88% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2017, the average home price was $128,871, which steadily climbed to $180,943 by 2022, representing a 40.4% increase over five years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 15928. The period from 2017 to 2020 saw relatively low interest rates, ranging from 1% to 2.16%, which likely contributed to the sustained high levels of homeownership. The sharp drop in interest rates to 0.38% in 2020 coincided with a slight increase in homeownership from 78% in 2019 to 81% in 2020, as lower borrowing costs made homeownership more accessible.
Renter occupancy in zip code 15928 has fluctuated inversely to homeownership rates, decreasing from 22% in 2019 to 12% in 2022. Interestingly, average rent prices have not shown a consistent trend during this period. In 2017, the average rent was $1,081, which increased to $1,157 in 2019 before dropping to $1,167 in 2022. The population of the area has also fluctuated, decreasing from 1,247 in 2017 to 1,245 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, average home prices in zip code 15928 continued to rise, reaching $191,209 in 2023 and $192,854 in 2024. This represents a 6.5% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 15928 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices may stabilize or show modest increases as the rental market adjusts to changes in homeownership rates and overall housing demand.
In summary, zip code 15928 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. The area has maintained high owner-occupancy rates despite fluctuations in the housing market and economic conditions. The recent sharp increase in interest rates, coupled with continued growth in home prices, may present new challenges and opportunities for both homeowners and renters in this Pennsylvania community.
