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Average Home Values and Ownership in Zip Code 16063: A Decade of Growth and Stability in Zelienople, 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
Zelienople, located in zip code 16063 in Pennsylvania, is a small community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Zelienople has fluctuated between 63% and 70% from 2013 to 2022. In 2013, the homeownership rate was 65%, which increased to 70% in 2017 before settling at 66% in 2022. During this period, average home prices in the area showed a consistent upward trend. In 2013, the average home price was $217,120, which increased to $331,397 by 2022, representing a 52.6% increase over nine years. This trend suggests that despite rising home prices, homeownership remained relatively stable in the area.
The relationship between federal interest rates and homeownership rates in Zelienople shows some interesting patterns. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates decreased slightly from 65% to 63%. However, as interest rates began to rise from 2016 onwards, homeownership rates actually increased, reaching 70% in 2017 when the federal interest rate was 1%. This trend continued until 2022, with homeownership rates remaining relatively stable at 66% despite interest rates climbing to 1.68%.
Renter percentages in Zelienople have inversely mirrored homeownership rates, ranging from 30% to 37% between 2013 and 2022. The average rent prices, however, have shown more volatility. In 2013, the average rent was $1,093, which peaked at $1,169 in 2016 before declining to $893 in 2022. Interestingly, the period of highest average rent (2016) coincided with one of the lower renter percentages (33%), suggesting that higher rents may have encouraged some residents to transition to homeownership.
In 2023, the average home price in Zelienople reached $338,345, with the federal interest rate at 5.02%. Moving into 2024, the average home price has further increased to $346,134, while the federal interest rate has risen slightly to 5.33%. These figures indicate a continuing trend of rising home prices despite higher interest rates, which could potentially impact affordability for prospective homebuyers.
Looking ahead, based on the historical data and current trends, we can expect average home prices in Zelienople to continue their upward trajectory over the next five years. Projecting the current growth rate, average home prices could potentially reach around $400,000 by 2029. Average rent prices, which have shown more variability, may stabilize or increase slightly, potentially reaching around $1,000 to $1,100 per month in the same timeframe.
In summary, Zelienople has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite rising home prices. The inverse relationship between homeownership and renter percentages suggests a dynamic housing market responsive to economic conditions. While average home prices have shown consistent growth, rent prices have been more volatile, potentially influencing residents' decisions between renting and buying. As the community continues to grow, these trends will likely shape the future of housing in zip code 16063.
