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Average Home Values and Ownership in Zip Code 15949: A Resilient Housing Market in Robinson, 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 15949, located in Robinson, Pennsylvania, presents an interesting case study in homeownership and housing market trends. This small community has experienced significant fluctuations in population and housing dynamics over the past decade, with a generally high rate of homeownership throughout the period.
The ownership percentage in zip code 15949 has remained consistently high, ranging from 87% to 94% between 2013 and 2022. This strong preference for homeownership has persisted despite variations in average home prices. In 2020, the average home price was $60,842, which increased to $75,539 by 2022, representing a 24.2% rise over two years. This upward trend in home prices did not significantly impact the high rate of homeownership, which stood at 90% in 2022.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2020 to 2022, interest rates remained relatively low, starting at 0.38% in 2020 and rising to 1.68% in 2022. These low rates likely contributed to maintaining the high homeownership levels by making mortgages more affordable for residents. The consistency in homeownership rates despite rising home prices suggests a strong local preference for owning rather than renting.
The renter percentage in zip code 15949 has remained relatively low, fluctuating between 6% and 13% from 2013 to 2022. Interestingly, the highest renter percentage of 13% was observed in 2019 when the population was at its lowest point of 190 residents. This could indicate that during periods of lower population, there may be a slight increase in rental properties. However, the overall trend shows a strong preference for homeownership in the community.
In 2023, the average home price in zip code 15949 reached $78,592, continuing the upward trend from previous years. This represents a 4% increase from 2022. Moving into 2024, the average home price has further increased to $84,698, marking a 7.8% rise from 2023. Concurrently, federal interest rates have seen a significant increase, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership rates and housing affordability in the coming years.
Looking ahead, based on the trends observed, we can forecast potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 15949 could potentially reach around $100,000 by 2029. This projection assumes a continued annual growth rate similar to that seen between 2022 and 2024. However, the impact of higher interest rates might moderate this growth. As for rent prices, they typically correlate with home prices and could see moderate increases in line with the overall housing market trends.
In summary, zip code 15949 demonstrates a strong and persistent culture of homeownership, maintaining high rates even as average home prices have increased. The community has shown resilience in its homeownership preferences despite fluctuations in population and rising home values. The recent sharp increase in federal interest rates may present new challenges to this trend, potentially affecting affordability and homeownership rates in the coming years. The interplay between these factors will be crucial in shaping the future housing landscape of this Pennsylvania community.
