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Home Values and Ownership in Zip Code 15104: North Braddock's Resilient Housing Market
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 15104, located in North Braddock, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 15104 has shown a slight downward trend over the years. In 2013, the homeownership rate was 45%, and by 2022, it had decreased marginally to 44%. During this period, average home prices in the area have seen substantial growth. In 2013, the average home price was $27,220, and by 2022, it had more than doubled to $59,942. This increase in home prices, despite a relatively stable homeownership rate, suggests that while some residents have benefited from property value appreciation, others may have found it increasingly difficult to enter the housing market.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 15104. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, the homeownership rate remained relatively stable at 44-45%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate experienced a slight decline, dropping to 44% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in zip code 15104 has also seen notable changes. The percentage of renters increased from 55% in 2013 to 56% in 2022. Concurrently, average rent prices have shown an upward trend. In 2013, the average rent was $629, which increased to $720 by 2022, representing a 14.5% increase over nine years. This rise in rent prices, coupled with the increasing renter population, suggests growing demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 15104 decreased to $53,308 in 2023 but rebounded to $56,427 in 2024. This recovery occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These figures indicate a resilient housing market in the area, capable of maintaining value even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in zip code 15104. Home prices are expected to maintain their upward trajectory, potentially reaching around $65,000-$70,000 by 2029. Similarly, average rent prices are projected to increase, possibly surpassing $800 per month within the next five years. These predictions are based on historical trends and current market conditions.
In summary, zip code 15104 has demonstrated a complex housing market dynamic over the past decade. While homeownership rates have remained relatively stable with a slight downward trend, average home prices have more than doubled. The rental market has expanded, with both the percentage of renters and average rent prices increasing. Despite recent fluctuations in home prices and rising interest rates, the market has shown resilience. Looking ahead, both the homeownership and rental sectors are expected to see continued growth in prices, reflecting the area's evolving economic landscape and housing demand.
