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Home Values and Ownership in Zip Code 15331: Ellsworth's Shifting Housing Landscape
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 15331, located in Ellsworth, Pennsylvania, has experienced significant shifts in its housing market over the past decade. This small community, covering just 0.41 square miles, has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic shifts.
The homeownership rate in zip code 15331 has fluctuated over the years, showing a general downward trend from 2013 to 2022. In 2013, the homeownership rate stood at 71%, but by 2022, it had decreased to 68%. This decline coincided with a substantial increase in average home prices. In 2013, the average home price was $42,934, which rose dramatically to $73,690 by 2022, representing a 71.6% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, hovering around 66-71%. However, as interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), the homeownership rate dropped to its lowest point of 60% in 2017. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 15331 have shown an overall upward trend, inversely mirroring the homeownership rates. The percentage of renters increased from 29% in 2013 to 32% in 2022. Interestingly, average rent prices have risen significantly during this period, from $258 in 2013 to $935 in 2022, a staggering 262.4% increase. This rise in rent prices occurred despite a general decrease in population from 486 in 2013 to 340 in 2022, suggesting that other factors, such as housing quality improvements or regional economic changes, may have influenced rental costs.
Looking at the most recent data, the average home price in zip code 15331 decreased to $66,163 in 2023 but rebounded to $72,111 in 2024. This fluctuation occurred alongside a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15331 will continue to rise, albeit at a more moderate pace. The average home price is projected to reach approximately $80,000 by 2029. Average rent prices are expected to stabilize, with a forecasted increase to around $1,000 per month by 2029. These predictions are based on historical trends and current economic indicators.
In summary, zip code 15331 has experienced a complex interplay between homeownership rates, average home prices, and rental markets. The most significant trends include the substantial increase in both home prices and rent costs, despite a decreasing population. The inverse relationship between rising home prices and declining homeownership rates, coupled with the influence of federal interest rates, highlights the challenges of housing affordability in this small Pennsylvania borough. As the community moves forward, these trends will likely continue to shape its housing landscape and demographic composition.
